The Financial estate of bordeaux takes the Cameo with more than 2 600 employees - The Point

The tribunal de commerce de Lille has chosen the Financial real estate bordelaise (FIB) to resume 511 stores a ready-to-wear feminine Shades and 2 659 employees

The Financial estate of bordeaux takes the Cameo with more than 2 600 employees - The Point

The tribunal de commerce de Lille has chosen the Financial real estate bordelaise (FIB) to resume 511 stores a ready-to-wear feminine Shades and 2 659 employees on more than 3 100 in France, setting aside the offers of the current leadership of the company in difficulty.

" The court laments the weakness of the price recovery, particularly in the FIB, which was considered indecent in the debates. Nevertheless, the interest of the company remains its long-term sustainability, which appears to be the best in the draft FIB ", one can read in the judgment rendered Monday, and is consulted by Agence France-Presse.

"I am relieved"

The FIB, investment funds specialized in the commercial real estate of the businessman Michel Ohayon, which has acquired 22 franchise Galeries Lafayette department store in the region in 2018, was supported by the economic and social committee (ESC) and the intersyndicale CFDT-CGT-FO. It must take 511 stores and 2 659 employees, on the 634 stores and 3 146 current employees of the company. The FIB will retain the current logistics with the provider Dispéo and undertakes to keep the seat in Roubaix (North) and the building logistics for five years.

"I'm relieved [...] my store is saved and there is less degradation of the welfare state" as with the competing offer, has reacted after the AFP Melanie Dubuche, who was elected CFDT, present before the court with a handful of other employees. "We could not trust people (the current leadership) who have done something immoral," responded Omar Rahni (CGT). "There, we will start again on new bases. "

"The management team has not been able to retain the confidence of the staff"

The court rejected the second offer, driven in particular by the current CEO of the company, Joannes Soënen, and three funds already shareholders (GoldenTree, HVAC and Farallon), supported by the trade union house, majority (38 %) States to act together (UPAE). She had planned to keep 2 520 jobs and resume 446 stores, including 43 under the brand of ready-to-wear women's galaxy Mulliez, Grain de malice.

Read also Lille – After the Covid-19, the return of the local industry ?

But the court pointed out that " no recovery can succeed without the support of the teams and employees ". "It is clear that even if the previous sins may not be committed, the leadership team (current) has not been able or not been able to gain and retain the confidence of the staff," he wrote. On the 24th of July, at the conclusion of the hearing, tense, Joannes Soënen had assured to have "a plan has been identified, a clear road map "to Monochrome" can boost for the next ten years ".

"Normally, it must work"

"This is a victory of a company, it is also a victory for the law," responded Monday with Agence France-Presse the lawyer of the FIB Olivier Pardo, who wants a Cameo " becomes the huge business that it has been ". According to the lawyer of the SSC, Stéphane Ducrocq, more than 460 people will be from within the framework of a voluntary departure, or be made redundant for economic reasons in the context of a backup plan of employment (PSE) a budget of 5 million euros.

" It is a lesser evil. There is more debt, the stores, the most vulnerable are eliminated, normally it must work ", he said. The current leadership, sought by the Agence France-Presse, did not respond to the court's decision Monday morning. The UPAE, who "thanked the team for the project presented and not followed unfortunately by the court," warns that a "very difficult phase waits for the employees who will be made redundant" and " strongly hopes that the FIB will live up to its commitments."

Founded in 1984, Camaieu, already in difficulties, has borne the brunt of the consequences of the health crisis, which has forced the group to close over 800 stores in the world, according to a source close to the management. At the end of 2018, the company had been taken over by its creditors after a backup procedure. In 2016, she had already negotiated with its creditors for half of its debt, which stood at a billion euros, to be converted into shares.

Updated Date: 17 August 2020, 07:33

You need to login to comment.

Please register or login.

RELATED NEWS