Camaïeu saved in France, not in Belgium

French fashion chain Camaïeu has found a new owner to save the company: real estate group FIB from Bordeaux. However, the stores in Belgium, Luxembourg and Switzerland are not part of the deal.

Unions’ favourite

FIB was announced as the choice of the court in Lille, which had to choose between two candidates: real estate group Financière immobilière bordelaise (FIB) and Camaïeu’s current owner, Joannes Soënen. Despite the connection with Soënen and FIB’s reported “indecently low offer”, the latter was preferred to the former.

Soënen’s bid was not much higher (if at all), but still the choice against him is a surprise. Analysts think this may have something to do with the trade union’s outspoken criticism of Soënen, whom they accuse of deliberately sending the foreign branches into bankruptcy and reroute all the funds to the French stores.

As the deal only includes 511 stores and 2,659 jobs in France, there is no solution as of yet for the stores in Belgium, Luxembourg and Switzerland. The unions therefore demand that the French branch continue to send stock to the foreign stores, hoping they too can find a good suitor.