The Commercial Court of Angoulême pronounced the judicial liquidation of La Manufacture Charentaise (LMC) at Rivières (Charentes), which employs 104 people. Placed in receivership on 25 July, the company, which is one of the last to manufacture traditional 'Charentaise' slippers in France, had only received one takeover offer which the court rejected. The takeover only proposed to keep 38 jobs. The liquidation has been declared with immediate effect and the employees will receive their redundancy letter by the end of November.
The FO union denounces poor management by managers and owners. LMC is the result of the merger in 2018 of four manufacturers of the famous 'Charentaise' slippers, but the companies' business was already in bad shape. According to the daily Le Progrès, the company suffered in one year a sharp drop in its turnover - from €13 million for the four companies in 2018 to €7 million - and from a positive net result of €1.3 million, to a loss of nearly €700,000 in a few months.