2023-09-06 10:21:42
The women’s ready-to-wear brand Naf Naf was placed in receivership on Wednesday by the Bobigny commercial court (Seine-Saint-Denis), indebted in particular due to unpaid rents during the covid crisis, announced the company to AFP.
The French brand launched in 1973 by two brothers and now owned by the Franco-Turkish group SY employs 660 people in France, owns 135 stores and posted a turnover of 141 million euros in 2022, “growing”, had a spokesperson told AFP at the end of August. She had already experienced a receivership in 2020.
“We will do everything to get Naf Naf back on its feet in the coming year. (Service providers) must not confuse us with Camaïeu and all those other companies that have failed to recover from the crisis in the retail“, told AFP the leader of SY, Selçuk Yilmaz.
Naf Naf benefits from a renewable six-month observation period, “probably twice six months,” group lawyer Virginie Dupé of Hyest told AFP. This observation period will allow him “to very quickly take a maximum of measures to rectify the situation”.
In addition to the covid-19 crisis, the company was hard hit by “the repeated demonstrations by yellow vests and then once morest the pension reform”, by the consequences of “the war in Ukraine which caused an inflationary shock and the outbreak prices of energy, raw materials and transport” as well as by “foreign competition whose questionable means of production offer it unfair competitiveness”, says a press release sent to AFP.
“There will be store closures”
“We know that there are going to be store closures, a priori regarding twenty, and a new PSE at headquarters, which will move”, declares Angélique Idali, secretary of the CSE and CFDT union representative, 87% majority at Naf Naf . “There is a huge concern among employees regarding the closure of stores, they are waiting for the list,” she told AFP.
“This is the second legal redress in three years, so there is a lot of concern, distrust, fear”, according to the trade unionist who hopes that “social damage as much as possible” will be avoided. The company had begun to restructure and cut 35 positions in June 2023 as part of a PSE, Ms Idali recalled.
It had already been placed in receivership in May 2020 and taken over by the Franco-Turkish group SY, which is still its shareholder, and which had already acquired the Sinéquanone brand in 2019. SY International employs 1,500 people directly.
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