The Louvre has sold out of some of its prized material including shoes and bags, with the French museum citing declining demand as it grapples with its massive debt load.
Louvre’s financial woes were highlighted in February when the Paris-based museum said it would be unable to pay all its staff in time for the 2020-21 academic year.
The news came as Louvre’s French parent company, Dassault, said it expected to need to borrow more than $1 billion to keep the museum open.
The French government said in May that it will pay the full debt of the museum to creditors, including the U.S. and Britain.
But the French government has warned that the French public’s confidence in the Louvettes finances will be eroded by the news.
Dassault, which owns the museum, said in a statement on Thursday that it would continue to lend the Louvain to other museums.
“With this in mind, the Paris Louvre will continue to borrow money for a certain period,” the statement said.
“But this time, the borrowing will be in full accordance with the legal and financial requirements.”
The Louvre said in its statement that the Louvenet is expected to be open for about 30 days in the first quarter of 2020, from March 1 to May 1.
The Louvenets website said the museum was scheduled to reopen for its usual first week in May.
The Louveets website also said that the museum’s collections and archives are in good condition, although it added that the collection had not been checked over the past few years due to the ongoing investigation.
The statement said that there were no plans to replace the collection or move it to another location.
In October, DHL said it was cancelling all of its Louvre orders for bags and shoes.
In June, the company said that it was closing its Louvenettes warehouses and would stop carrying the items in July.
In a statement, D.H. Laudecamp, the director of the Louves department, said the company had reached a contract with the Louvinet for the delivery of approximately 3 million bags and 30,000 shoes in 2021.
Laudecamps statement said DHL would deliver approximately 8 million bags in 2021 and the remaining 2 million shoes in 2022.
He said that in 2021, DCH was also looking at the possibility of using its logistics network to deliver the bags.
The logistics network will be operated by DHL’s own logistics network, he said.
The announcement on Thursday comes as the Louvetas debt has become the subject of intense scrutiny.
The French government, which is grappling with its debt, said on Thursday it would have to borrow at least $1.2 billion to stay open for the year.
Dichaval Bouchard, the head of the state-owned French National Bank, said at a news conference that the country had to do more to boost its economic recovery.