According to inside sources, the commercial court in Nanterre will declare online retailer Pixmania bankrupt on 14 January, as it is apparently unable to pay its employees at the end of the month.
Looking for a buyer
German Mutares, Pixmania's parent company, has apparently decided to file for bankruptcy based on the advice of the guardian. Pixmania, with a 20 million euro loss in 2015, had been placed under guardianship on 27 October 2015 and he has been looking for possible buyers and means to save a lot of costs.
Potential buyers have until 8 January to enter a bid, which will then be discussed during the commercial court's hearing on 14 January. Allegedly, there are several dozens of interested parties.
Marketplace transformation failed
Mutares tried to save Pixmania by transforming it into an online marketplace with room for third party sellers, but that has not had the desired effect according to its parent company.
Pixmania, founded in 200, was a pioneer in France's online sales market. It represented a 806 million euro turnover in 2010, but competition from major parties like Amazon and Fnac caused its turnover to collapse. In 2014, Pixmania's turnover barely reached 295 million euro, with a sizeable loss on top of that.