overwhelmed by the crisis, Camaïeu forced to file for bankruptcy

Close 800 stores around the world overnight, see its turnover collapse by 95%, record in a few months 200 million euros of shortfall
: few companies, let alone in the clothing world, will get through the Covid-19 crisis without losing their feathers. And the Roubaix brand, Camaïeu, will not recover unscathed.

This Tuesday morning, the Lille Métropole commercial court placed Camaïeu International, and its holding company, Financière Brame, in receivership.

A guaranteed loan refused

The situation has no direct bearing on the safeguard procedure which concerned, two years ago, the Modacin holding company, owner of the Brame financier and therefore of Camaïeu. An agreement reached with the creditors had finally made it possible to erase debt of almost 480 million euros, the new shareholders even putting 45 million in the pot to support the company.

Here is the Camaïeu brand itself, which is in difficulty. In March, however, managing director Joannes Soenen, who arrived in the fall, launched a transformation plan to revive the brand. Camaïeu is a strong brand, a network … But a company that puts a lot (too much) on stores
: 600 in France, some probably too unprofitable, weighed down by too high rents.

“The question that now arises is the future of the company, its 3,800 employees in France, including around 600 in Roubaix. “

To give the company the means to reinvent itself, ” financing agreement was about to be reached with shareholders and banks “, Assures the direction. The coronavirus put everything to the ground. ” The situation led the management to request the obtaining of a loan guaranteed by the State, to find the means to overcome the crisis and to continue the plan. “

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Despite a contribution of 35 million shareholders and ” despite the support of the Region and the State and the support of its shareholders, this loan was refused, making it impossible for the company to face the cash crisis. The company’s debt is estimated to be close to € 250 million. Not insurmountable in normal times, but in this context (which caused 162 million out of the 200 of loss of profit), impossible to absorb without filing for bankruptcy.

3,800 employees including 600 in Roubaix

The question that now arises is the future of the company, of its approximately 3,800 employees in France, including around 600 in Roubaix – none social plan has not been announced but Thierry Siwik, CGT delegate, fears it. The company left for at least six months of observation period. More than a continuation plan, we will probably be moving towards a transfer. But who, in the current context, is ready to bet on a very difficult clothing sector?

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