French fashion chain Camaïeu has applied for protection against creditors. The retailer with around 900 stores in fifteen countries already had to implement a rescue plan in 2016.
The French chain blames the mild winter, the warm summer and the growth of e-commerce for its difficulties . Turnover fell from 736 to 718 million euros in the financial year that ended in March. The chain is also struggling with high debts: two years ago the company reached an agreement with its creditors - several investment funds - to convert part of that debt into shares.
However, that did not suffice: after disappointing sales, the company needs fresh money to modernise its stores and expand its online activities. The new CEO, Elisabeth Cunin, stepped up again in September. In addition, part of the creditors are not happy with the protection application. As a result, the future for the retailer is highly uncertain, even though Camaïeu is still one of the most popular women's fashion chains in France. For the time being, it seems that the stores remain open.