Comptoir des Cotonniers and Princesse Tam Tam plan to cut 304 jobs and close 55 stores in France

Two new victims of the crisis in the ready-to-wear industry? The Fast Retailing France group, a subsidiary of the Japanese giant of the same name, announced on Monday that it was considering the closure of 55 stores of the women's clothing brands Comptoir des Cotonniers and lingerie Princesse Tam Tam out of 136 in France and cut 304 positions.

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"The situation is now such that it no longer allows Fast Retailing France to continue without risking compromising its future and that of its brands. Especially since no prospect of real recovery is envisaged, "said the group. Both brands are owned by this entity of the Japanese textile giant whose flagship brand is Uniqlo. Regarding Comptoir des Cotonniers, the project provides for the closure of 28 points of sale out of the 67 currently operated in France, and the elimination of 101 positions out of 272 permanent contracts. For Princesse Tam Tam, the closure of 27 points of sale out of 69 is envisaged, as well as the elimination of 84 positions out of 235 permanent contracts.

The closure of stores "by August 2024"

Added to this is the elimination of 119 positions within Fast Retailing France "in order to adapt the workforce to the reorganization of the distribution network but also to reduce its oversizing". "The objective is to close the closures (of stores) by August 2024, but the support of employees will be done over a longer period," said the group.

The announcement of this "project to overhaul the distribution strategy" and "reorganization of the network of points of sale" was made on May 23 to the representative bodies of the staff of the two brands, said the group, confirming information from the specialized site FashionNetwork. The objective of the plan is to "continue to adapt Fast Retailing France to changes in the clothing market and to stem the serious difficulties encountered by the company and its subsidiaries in order to ensure their sustainability," according to the group.