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Camaïeu in receivership, what does this measure mean for the group?

2022-08-02T11:59:44.423Z

FOCUS - After declaring itself insolvent, it has just been placed in receivership, before a possible liquidation. But Camaïeu can still save its brands.



The ready-to-wear giant Camaïeu is once again in turmoil.

Two years after the takeover by the Financière immobilière bordelaise, the company was once again placed in receivership by the Commercial Court of Lille.

However, this measure does not mean that stores will have to close their doors, at least not yet.

Before going into receivership, Camaïeu declared itself insolvent.

This means that the company no longer has the necessary funds to pay its debts.

The company thus files its balance sheet with the commercial court and requests its placement in receivership.

This is followed by the evaluation of a judicial administrator, with the aim of saving as many jobs as possible.

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The management of Camaïeu also announced this Monday, the group is working "

from now on the continuation plan

".

The brand hopes to preserve the jobs of its 2,571 employees in its 538 French stores.

In order to help the group to achieve this objective, the lawsuits of creditors are frozen, being unable to claim the sums due, nor to seize assets.

Regarding the French company, the next hearing of the commercial court is scheduled for September 28, to "

verify the amount of the liabilities

" with the declarations of the creditors and "

to decide on the feasibility of the continuation plan

", indicates the president of the court, Eric Feldmann.

A process that can last several months

Even if the court validates a continuity plan, there will be a reorganization of the workforce, therefore a social plan, therefore social

damage”, regrets Thierry Siwik, CGT delegate of Camaïeu.

For his part, Nordine Misraoui, CFDT secretary of the CSE, fears the closure of "

a few stores

", thus causing the reclassification of employees or their dismissal.

Our shareholder will have to put money back on the table (…) His credibility depends on all the brands he wears

,” he noted.

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In total, the receivership procedure can last several months, giving the company a reprieve before a possible judicial liquidation.

At the end of the reflections, two options are available to the leaders.

Either the recovery plan is adopted and the activity continues while respecting reorganization measures, such as the search for a new buyer.

Either the group is placed in compulsory liquidation if the situation cannot improve, interrupting all of its activities.

The employment contracts of the employees are then broken without consideration, within a period of fifteen days.

SEE ALSO -

Camaïeu, in cessation of payments, placed in receivership

Source: lefigaro

All business articles on 2022-08-02

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