EMCC European Monitoring Centre on Change

Camaïeu

Company/Organisation:
Camaïeu

Geographic Location

Country: France

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.51 - Retail sale of textiles in specialised stores
Number Employed: 2600
Group: Modacin

Employment Effects

Announcement Date: 28-09-2022
Planned Job Reductions min: 2600
Type of Restructuring: Bankruptcy
Employment Effect Start: 03-10-2022
Foreseen End Date: 07-10-2022
Direct Dismissals: 2600

Additional Information

The commercial court of Lille has pronounced the judicial liquidation of the clothing brand Camaïeu with the closure of its 514 shops and the dismissal of 2,600 employees. 

The continuation plan presented by the current management, which provided for the closure of unprofitable shops and would have saved 500 jobs, was not accepted, in particular because the State refused to pay €48 million in aid, considering the continuation plan unrealistic. According to the current owner, a total of €79.2 million euros was needed over the next eight months to ensure, among other things, purchases for the autumn-winter season and prepare the spring collection. According to the owner, the retailer was unable to cope with a ruling by the Court of Cassation, which at the end of June ordered the retailers to pay the unpaid rent during the Covid period. The amount of these unpaid rents amounts to €70 million out of a total of €240 million in debts of the company.

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