Camaïeu, born in 1984 in Roubaix (North), was placed in receivership Tuesday May 26, 2020. The fault with the coronavirus? Not quite. The company has 6 months ahead of it.
Published on May 27, 20 at 12:07
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The news fell on Tuesday, May 26, 2020: the Camaïeu company announced his placement in receivership. His 3,384 employees in France, including 600 in Roubaix (Nord) -its head office-, are in shock.
For 6 months, the company is placed under observation. At the end, two solutions: either the liquidation with social plan and redundancies, or the recovery. For the moment, activity has not been impacted, the 634 stores in France remain open.
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95% drop in turnover
What happened for the Camaïeu company to be placed in receivership at the end of May 2020 by the commercial court? The answer seems simple: after the confinement and closure of its 634 stores in France for 2 months, the company is devastated, with 95% drop in turnover and more than 160 million euros in lost revenue.
But the situation is a little more complicated for Camaïeu. The company, founded in Roubaix in 1984, has had serious financial difficulties for several years. Several rescues have already been organized.
A transformation plan that cannot be implemented
The health crisis has accentuated the decline. Especially since a major transformation plan had been started in early March 2020, with a new management team arriving in September 2019. “This plan included refocusing on France and French-speaking countries, and the closure of 125 stores internationally “, Indicates a source close to the direction.
Due to the health crisis and the confinement that led to the closure of its stores, lhe management then asked for a PGE, State Guaranteed Loan, granted to companies impacted by COVID-19. But the banks refused! It’s the coup de grace.
Administrators have six months to observe the business and find solutions. “It will either be compulsory liquidation or takeover by another owner. “
Risk of layoffs?
For the CGT, represented by Thierry Siwik, it is a question of remaining vigilant. Because the risk is to see the arrival of a major social plan, that is to say layoffs. “Financially, the company has been going badly for years, with a high debt ratio. But the announcement of the turnaround was a surprise. “
On the refusal to obtain the State Guaranteed Loan, he reacts: “The management’s lawyer put forward the coronavirus and the Yellow Vests demonstrations to explain the financial situation. However, difficulties have existed for 10 years. This is why the EMP was refused. “
State intervention?
What he hopes for is outside intervention. Will salvation come from the state? “We are going to write to the President of the Republic, his responsibility is engaged since Camaïeu has benefited from state aid for years. It is not only large companies that can benefit from public aid. “
For now, unions are in the process of informing employees. Other modes of action will intervene. “We will also challenge local elected officials,” said Thierry Siwik.
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