The French government is reportedly seeking a buyer for clothing brand La Camaïeu after it began bankruptcy proceedings yesterday (26 May).

The company trades out of 800 stores globally and employs more than 3,000 staff. In France, Camaïeu has 634 stores.

Local reports claim Lille Métropole commercial court placed Camaïeu International, and its holding company, Financière Brame, in receivership yesterday. A source close to management confirmed to just-style today that Camaïeu was placed under the protection of the commercial court on Tuesday, adding the coronavirus outbreak was the trigger of liquidity problems, with revenues falling 95%.

The company has around EUR250m (US$275.03m) of debt and was in the process of agreeing financing with its shareholders and banks, but the coronavirus outbreak meant this plan was axed. It then approached the state for a loan, a request which was turned down.

Speaking to local radio, France’s minister of economy, Bruno Le Maire, said the government has been working on a plan for the business “for weeks” and is now seeking a buyer for the business to ensure continuity.

Camaïeu was founded in 1984. In 2007, the company was sold to UK private equity firm Cinven.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Style Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Style Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now