Business

Cameau placed in receivership: Key to better understanding the situation

Northern ready-to-wear model Camyu has declared itself “bancrupt” and filed for receivership this Wednesday. 2,600 workers are ready.

How will we get right here?

Cameau’s request is motivated by the acceleration of the firm’s difficulties and particularly the penalties “A judgment of the Court of Cassation, dated June 30,” Denying merchants low fares throughout Covid “Management defined in a press launch. A administration that won’t communicate additional earlier than the closing judgment of the Commercial Court, however which specifies that the most important function of the request of Camayu is ” To shield the sustainability of the firm


Already in a tough situation linked to the well being disaster when it was taken over in August 2020 by Financière immobilière bordelaise, which placed it inside its Hermione People & Brand (HP&B) distribution division, Cameau continued to accumulate difficulties.

In specific a cyber assault in June 2021 that blocked IT programs and logistics for 4 months, ensuing in a lack of 40 million euros. In a current interview with LSA journal, Wilhelm Hübner, president of HP&B and Camayou (and former managing director of Auchan Retail France), introduced that the resolution was then “ Go to warfare over industrial lease points “A showdown with landlords of main purchasing facilities has erupted, leaving nearly half of the shops working in France unpaid.

But a court docket listening to on June 30 required cost of lease and stalled negotiation efforts. Faced with this wall of debt, Cameau due to this fact determined to go into receivership.

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Union considerations

For unions, dangerous strategic selections are at the root of the situation. ” For months we now have been condemning the shareholder’s selection to now not pay LedgersExplains Lucie Colier, CGT consultant at the Roubaix warehouse. They believed that the Court of Cassation was going to rule in our favor, which isn’t the case. Two years in the past, we discovered ourselves in receivership, fearing retailer closures and layoffs, for workers who usually had 25 to 30 years of seniority. »

For Thierry Siwick, additionally from CGT, “ That’s between 5 and seven million euros in late lease per thirty days for round 250 shops. As we belong to a gaggle representing belongings of two billion euros, this debt has to be borne by the shareholder. »

“Whether or not we would like to develop a gaggle, it would not trouble us. But all of this appears to be occurring in a short time to us, as firms want financing and funding to flip round difficulties. »

In this case, the FIB of the investor Michel Ohayon, dragged for a number of years in a “loopy” launch. Over the years, HP&B, the group’s commerce and distribution arm, has taken curiosity in Galeries Lafayette, La Grande Recre, Cameau, Gap France, Go Sport, Cafe Legal and even not too long ago takeovers. Toys by PicWic.

We need to develop a gaggle, it would not trouble usThierry Siwick believes. But all of this appears to be occurring in a short time to us, as firms want financing and funding to flip round difficulties. It appears very quick to us to mixture the outcomes. »

In August 2020, FIB laid off 511 of Camayou’s 634 shops in France and a pair of,600 of its greater than 3,100 workers, launching a metamorphosis plan. The objective of the new administration led by Wilhelm Hübner was to restore stability and get better the 2019 turnover in 2023, i.e. 570 million euros (after solely 340 million in 2021).

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And now?

For Eric Feldman, President of the Commercial Court of Lille Metropole, the placement in receivership and due to this fact the safety of the court docket makes it attainable ” passive submission Time to discover a answer.

The present request considerations the receivership with a succession plan, which entails paying off the debt inside 10 years. If this isn’t attainable, there could also be a settlement plan, equivalent to two years in the past, with a purchaser search. If there isn’t any different answer, the closing resort is judicial liquidation.

But we’re not there, the group desires to current the continuity plan they need to permit.” Sustainability of the firm », and saving employment via attainable synergies between the group’s totally different manufacturers.

Faced with the financial and social problems with the case, the Commercial Court of Lille will permit a number of days earlier than rendering its deliberations

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