Naf Naf: call for tenders issued to find buyers
According to the call for tenders issued by the court, Naf Naf currently has 588 employees and operates 102 directly owned stores and 11 affiliated ones in France. In addition, it has 90 retail concessions and five stores outside France. The Migi Naf Naf company, which owns the chain, generated revenue of €47.5 million over a nine-month period, from June 2024 to March 2025. The last reported revenue result for Naf Naf was €141 million in fiscal 2022, over 12 months.
Potential buyers must put forward their bid by July 2, 2025. A hearing has also been scheduled on July 23, while a six-month monitoring period for Naf Naf is ongoing. Will the chain, which was set up by the Pariente brothers in 1973, attract international interest? In the case of another French womenswear chain, Jennyfer, which went into liquidation in April, potential buyers opted to bid for only a small part of the store fleet (involving approximately 30% of the workforce).
Naf Naf's current owners have indicated to the company's employee representatives and the court that they are keen to implement a business continuity plan. Migiboy Tekstil, which kept 90% of the employees when it acquired Naf Naf last year, is the chain's fourth owner in less than a decade. Previously, Naf Naf was the property of French group Vivarte, which sold it to Chinese group La Chapelle in 2018. After filing for receivership in 2020, Naf Naf was then bought by Franco-Turkish group SY International, but had to file for receivership again in 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Local France
an hour ago
- Local France
French tax authorities considering phasing out payment by cheque
On Monday, during a meeting with union representatives, French fiscal authorities announced they were "currently considering the future of cheques as a means of payment", French daily Le Monde reported. "There is no set date," the DGFIP ( Direction générale des finances publiques ) specified, but Le Monde reported that discussions on the subject were expected to continue in the autumn. Le Monde also reported that fiscal authorities were considering closing their last cheque processing centre, located in Rennes in western France, in 2027. However, fiscal authorities declined to confirm this report. Advertisement As things stand, cheques remain a valid means of payment for taxes or fines in France, but their usage has dropped by 72 percent in the last 10 years. READ MORE: Explained: How to challenge a French tax bill Additionally, cheques represent the payment method with the highest rate of fraud, making it costly for fiscal authorities to proces them. The decrease in cheque usage dropped 20 percent during the first four months of 2024, Le Monde reported, with only 4.5 percent of payments to the French treasury made via cheque. Overall, French people have begun shifting away from cash and cheques. The country has seen 1,500 ATMs closed in the last year, according to the Banque de France. As of 2024, cheques represented less than three percent of non-cash transactions in France, compared to 37 percent in 2000, according to Le Monde.
Local France
an hour ago
- Local France
French Word of the Day: Redressement
Why do I need to know redressement? Because this word may come up when discussing French taxes. What does it mean? Redressement - roughly pronounced ruh-dress-uh-mehn - is a masculine noun coming from the verb redresser , meaning to rectify. While the English term 'redress' has the same meaning as its French counterpart, the noun redressement has a slightly different meaning, as it refers to procedures related to recovering money or taxes that are owed. A simple redressement (or redressement fiscal ) refers to a tax reassessment, or a correction issued by French fiscal authorities, which leads to an individual owing extra taxes. Officially, this is called a proposition de rectification. Advertisement You might experience this if you accidentally omitted information in your tax declaration, and tax authorities discovered this following a contrôle fiscal . Meanwhile, a redressement judiciaire is a procedure initiated when a company is in financial difficulty and can no longer pay its debts. It is often translated as 'receivership' in English. Basically, this procedure allows the company that has ceased its payments to continue operating. For example, you might see a headline about a company that has demandé son placement en redressement judiciaire (requested to be placed under receivership). Use it like this La chaîne de bijouterie réputée a été placée en redressement judiciaire. - The well-known jewellery chain has been placed in receivership. Le riche investisseur a été visé par un redressement fiscal. Il devra probablement payer plusieurs milliers d'euros. - The wealthy investor was hit by a tax reassessment. He will probably how several thousand euros.
Euronews
2 hours ago
- Euronews
French PM launches podcast to defend his 2026 budget cuts
Three weeks after presenting his eye-watering €44-billion budget cuts for next year, French Prime Minister François Bayrou is embarking on an unusual PR stunt. As his approval ratings plummet, Bayrou has decided to launch a podcast and a series of YouTube videos to explain the outline of the 2026 budget directly to the French public. The podcast will see its first episode broadcast this Tuesday at 5 pm. As for the YouTube videos, the first will focus on the general framework of the budget. Viewers will even be able to ask questions. France's public deficit hit 5.8% of GDP in 2024, totalling €168.6 billion, a figure well above the maximum allowed by EU rules. On 15 July, the prime minister presented a massive savings plan, targeting nearly €44 billion for the 2026 budget. In his announcement, Bayrou outlined significant budget cuts to slash tens of billions of euros, aiming to bring the deficit down to 5.4% of GDP this year and 4.6% in 2026. Among the most controversial measures are slashing two bank holidays and freezing retirement pensions and social benefits. In practical terms, this means these benefits will not be adjusted to inflation, as is usually the case. Bayrou hopes the cuts will bring the deficit to below the 3% threshold set by the EU by 2029. These decisions have been severely criticised by the opposition, in particular the far-right National Rally party, which is threatening to table a no-confidence vote when the budget will be examined in Parliament this autumn. Bayrou said that he would "negotiate" with different political groups, but without "backing down" on the deficit reduction targets. It's a tricky initiative for the man whom some in his own camp are now comparing to former Prime Minister Michel Barnier, whose government collapsed last winter following a no-confidence vote.
