The Commercial Court expects candidates for the takeover to expand their offer, particularly on their financing. A new hearing is scheduled for July 24.
Two offers of global takeover of the ready-to-wear Camaïeu brand, placed in receivership, were examined Wednesday, July 1 by the administrative court of Lille (North). But for now, they’re deemed insufficient, according to information from France Bleu Nord. Seven offers were filed to take over the company placed in receivership on May 26, in the midst of the coronavirus crisis. In France, Camaïeu has 3,230 employees, including 600 in Roubaix, where the company’s headquarters and warehouse are located, and 632 stores.
The first global offer comes from the current shareholders of Camaïeu, Financière Brame. It offers a takeover of up to two million euros. 30 million euros of equity and 45 million euros by the request of a loan guaranteed by the State (PGE) would be injected in the company. This offer would result in the closure of 250 stores and the loss of 1,246 jobs, including 116 in Roubaix. But it is not admissible as it stands, being subject to conditions precedent.
The second offer was made by the Financière immobilière bordelaise, owned by industrialist Michel Ohayon who had a large-scale real estate project in Lille a few years ago. This offer proposes to acquire Camaïeu for twice a symbolic euro. Socially, it offers to keep 500 out of the 632 outlets in the business. 515 jobs would be lost.
The Commercial Court expects candidates for the takeover to expand their offer, particularly on their financing. A new hearing is scheduled for July 24. For the lawyer for Camaïeu employees, Maître Stéphane Ducrocq, “the two offers generate a significant form of social breakdown “. The employee representatives of Camaïeu are currently worried about the company’s lack of cash. They say wages for August may not be paid.
–
