The Camaïeu clothing brand has been placed in receivership, with 2,600 jobs in more than 500 stores eliminated following the court decision of the Lille commercial court (Nord, Hauts-de-France).
The group had been in receivership since August 1.
On Monday this week (September 26), the management asked the State for a reimbursable advance of 48 million, to continue its business recovery plans.
But the Ministry of the Economy rejected this request, considering that it was “not realistic”. She also specified that the State could “in no case replace the shareholders”. The shareholders are, in this case, Hermione People & Brands (HPB).
HPB had said it was ready to inject €5 million in funds to help as long as it also received government support, and the Hauts-de-France region (where the company is based) would also help.
But the government said “the state cannot take that risk”, citing that if HPB was only willing to offer €5m of the €80m needed, then the “plan is too risky “.
After the administration’s decision, the Minister of Industry, Roland Lescure, declared: “The takeover project was very poorly prepared, with a business plan on a single page. I regret having come to this. »
Camaïeu appears to have suffered from changing clothing buying habits in France and has been heavily in debt for some time.
She was also ordered to pay rent for the duration of the confinement period, following a decision by the Court of Cassation (the highest judicial court in France). It had been placed in receivership in the summer of 2020, then had taken over the Financière immobilière bordelaise (FIB) under Michel Ohayon, the parent company of HPB.
In theory, the group could still be saved by another takeover bid, but that’s unlikely to save all the stores. This means that many employees will still lose their jobs.
The state has promised financial support to those affected by the job losses.
Jean’s geniuses resurrect a family-owned French clothing company