Latest news with #NafNaf
Fashion Network
6 days ago
- Business
- Fashion Network
Recently acquired Naf Naf files for receivership again
No respite for Naf Naf, the French womenswear chain famous in the 1990s for the grand méchant (oh so impertinent) look. Having recently changed ownership, Naf Naf has again gone into receivership, for the third time in its history, a development putting the jobs of 600 employees in France at risk. A critical juncture for the brand, as was reported exclusively by on May 21. On Friday, owing to persistent 'cash flow difficulties,' Naf Naf was placed in receivership after a ruling by the commercial court of Bobigny, France, AFP has learnt. 'While the ruling for the time being prevents the company from going immediately into liquidation, it means the start of a time of great uncertainty,' the CFDT trade union said in a statement sent to AFP. This is the third time that Naf Naf, which was acquired by Turkish producer Migiboy Tekstil last June, has gone into receivership. According to the court ruling, the new owner has said it wants to 'continue to keep [Naf Naf] alive, and to draw up a recovery plan.' The company currently employs 588 workers in France - and 650 in the last six months, according to the court. Naf Naf had filed for suspension of payments, and 'is facing liquidity difficulties it is unable to overcome,' and 'is unable to meet outstanding liabilities with its available assets.' The company's liabilities currently amount to €44 million, and in 2024 the chain generated a revenue of €47 million. However, the court indicated that 'based on [Naf Naf's] statements and the business forecast that has been presented, as well as the amount of liquidity available, the possibility of a turnaround does exist.' Naf Naf will therefore undergo a six-month monitoring period, and the situation will be reviewed at a hearing scheduled for July 23. 'Disastrous social impact' In June 2024, Migiboy Tekstil pledged to save 90% of the jobs at Naf Naf, and to continue to operate about 100 of the chain's directly owned stores. At the time, the Turkish company had paid over €1.5 million to acquire Naf Naf, saving 521 jobs out of 586 and approximately 100 stores in France, while also buying the chain's subsidiaries in Spain, Italy and Belgium. 'The management and the owner will have to prove that Naf Naf can continue to operate at least temporarily, which means being able to re-stock the stores (...) and deploying a new logistics organisation, all of this with very limited financial leeway,' said CFDT. The stores 'will be stocked up, because the inventory runs to 800,000 items, and [Naf Naf stores] are selling 140,000 items per month,' the management argued in court. Yet, even if this turnaround plan were to succeed, 'a drastic reorganisation, with store closures and further staff cuts at headquarters, is very likely,' said CFDT. A catastrophic scenario was also mentioned: 'Conversely, if these conditions will not be met, the company will be liquidated and the stores, inventory and brand name will be sold to the highest bidder, with a disastrous social impact.' Naf Naf has suffered serial setbacks in the last few years, this being the third time it has filed for receivership since 2020. The brand was launched in 1973 by the brothers Gérard and Patrick Pariente, its name being a tribute to 'the strongest and smartest of the three little pigs,' and began to made the headlines in 1983. The Naf Naf cotton jumpsuit in assorted colours sold more than three million units in the 1980s, according to the brand's website. A commercial success that gained further momentum in the 1990s, when Naf Naf released eye-catching advertising campaigns promoting the grand méchant look. In May 2020, in the midst of the Covid pandemic, the company first went into receivership. It was then bought by Franco-Turkish group SY International, which employs more than 1,000 people worldwide, and had previously acquired French fashion retailer Sinéquanone in 2019. Heavily indebted, notably owing to rents that went unpaid during the pandemic, Naf Naf was again placed in judicial receivership in September 2023, before being bought by Migiboy Tekstil.
Fashion Network
6 days ago
- Business
- Fashion Network
Recently acquired Naf Naf files for receivership again
No respite for Naf Naf, the French womenswear chain famous in the 1990s for the grand méchant (oh so impertinent) look. Having recently changed ownership, Naf Naf has again gone into receivership, for the third time in its history, a development putting the jobs of 600 employees in France at risk. A critical juncture for the brand, as was reported exclusively by on May 21. On Friday, owing to persistent 'cash flow difficulties,' Naf Naf was placed in receivership after a ruling by the commercial court of Bobigny, France, AFP has learnt. 'While the ruling for the time being prevents the company from going immediately into liquidation, it means the start of a time of great uncertainty,' the CFDT trade union said in a statement sent to AFP. This is the third time that Naf Naf, which was acquired by Turkish producer Migiboy Tekstil last June, has gone into receivership. According to the court ruling, the new owner has said it wants to 'continue to keep [Naf Naf] alive, and to draw up a recovery plan.' The company currently employs 588 workers in France - and 650 in the last six months, according to the court. Naf Naf had filed for suspension of payments, and 'is facing liquidity difficulties it is unable to overcome,' and 'is unable to meet outstanding liabilities with its available assets.' The company's liabilities currently amount to €44 million, and in 2024 the chain generated a revenue of €47 million. However, the court indicated that 'based on [Naf Naf's] statements and the business forecast that has been presented, as well as the amount of liquidity available, the possibility of a turnaround does exist.' Naf Naf will therefore undergo a six-month monitoring period, and the situation will be reviewed at a hearing scheduled for July 23. 'Disastrous social impact' In June 2024, Migiboy Tekstil pledged to save 90% of the jobs at Naf Naf, and to continue to operate about 100 of the chain's directly owned stores. At the time, the Turkish company had paid over €1.5 million to acquire Naf Naf, saving 521 jobs out of 586 and approximately 100 stores in France, while also buying the chain's subsidiaries in Spain, Italy and Belgium. 'The management and the owner will have to prove that Naf Naf can continue to operate at least temporarily, which means being able to re-stock the stores (...) and deploying a new logistics organisation, all of this with very limited financial leeway,' said CFDT. The stores 'will be stocked up, because the inventory runs to 800,000 items, and [Naf Naf stores] are selling 140,000 items per month,' the management argued in court. Yet, even if this turnaround plan were to succeed, 'a drastic reorganisation, with store closures and further staff cuts at headquarters, is very likely,' said CFDT. A catastrophic scenario was also mentioned: 'Conversely, if these conditions will not be met, the company will be liquidated and the stores, inventory and brand name will be sold to the highest bidder, with a disastrous social impact.' Naf Naf has suffered serial setbacks in the last few years, this being the third time it has filed for receivership since 2020. The brand was launched in 1973 by the brothers Gérard and Patrick Pariente, its name being a tribute to 'the strongest and smartest of the three little pigs,' and began to made the headlines in 1983. The Naf Naf cotton jumpsuit in assorted colours sold more than three million units in the 1980s, according to the brand's website. A commercial success that gained further momentum in the 1990s, when Naf Naf released eye-catching advertising campaigns promoting the grand méchant look. In May 2020, in the midst of the Covid pandemic, the company first went into receivership. It was then bought by Franco-Turkish group SY International, which employs more than 1,000 people worldwide, and had previously acquired French fashion retailer Sinéquanone in 2019. Heavily indebted, notably owing to rents that went unpaid during the pandemic, Naf Naf was again placed in judicial receivership in September 2023, before being bought by Migiboy Tekstil.
Fashion Network
6 days ago
- Business
- Fashion Network
Recently acquired Naf Naf files for receivership again
No respite for Naf Naf, the French womenswear chain famous in the 1990s for the grand méchant (oh so impertinent) look. Having recently changed ownership, Naf Naf has again gone into receivership, for the third time in its history, a development putting the jobs of 600 employees in France at risk. A critical juncture for the brand, as was reported exclusively by on May 21. On Friday, owing to persistent 'cash flow difficulties,' Naf Naf was placed in receivership after a ruling by the commercial court of Bobigny, France, AFP has learnt. 'While the ruling for the time being prevents the company from going immediately into liquidation, it means the start of a time of great uncertainty,' the CFDT trade union said in a statement sent to AFP. This is the third time that Naf Naf, which was acquired by Turkish producer Migiboy Tekstil last June, has gone into receivership. According to the court ruling, the new owner has said it wants to 'continue to keep [Naf Naf] alive, and to draw up a recovery plan.' The company currently employs 588 workers in France - and 650 in the last six months, according to the court. Naf Naf had filed for suspension of payments, and 'is facing liquidity difficulties it is unable to overcome,' and 'is unable to meet outstanding liabilities with its available assets.' The company's liabilities currently amount to €44 million, and in 2024 the chain generated a revenue of €47 million. However, the court indicated that 'based on [Naf Naf's] statements and the business forecast that has been presented, as well as the amount of liquidity available, the possibility of a turnaround does exist.' Naf Naf will therefore undergo a six-month monitoring period, and the situation will be reviewed at a hearing scheduled for July 23. 'Disastrous social impact' In June 2024, Migiboy Tekstil pledged to save 90% of the jobs at Naf Naf, and to continue to operate about 100 of the chain's directly owned stores. At the time, the Turkish company had paid over €1.5 million to acquire Naf Naf, saving 521 jobs out of 586 and approximately 100 stores in France, while also buying the chain's subsidiaries in Spain, Italy and Belgium. 'The management and the owner will have to prove that Naf Naf can continue to operate at least temporarily, which means being able to re-stock the stores (...) and deploying a new logistics organisation, all of this with very limited financial leeway,' said CFDT. The stores 'will be stocked up, because the inventory runs to 800,000 items, and [Naf Naf stores] are selling 140,000 items per month,' the management argued in court. Yet, even if this turnaround plan were to succeed, 'a drastic reorganisation, with store closures and further staff cuts at headquarters, is very likely,' said CFDT. A catastrophic scenario was also mentioned: 'Conversely, if these conditions will not be met, the company will be liquidated and the stores, inventory and brand name will be sold to the highest bidder, with a disastrous social impact.' Naf Naf has suffered serial setbacks in the last few years, this being the third time it has filed for receivership since 2020. The brand was launched in 1973 by the brothers Gérard and Patrick Pariente, its name being a tribute to 'the strongest and smartest of the three little pigs,' and began to made the headlines in 1983. The Naf Naf cotton jumpsuit in assorted colours sold more than three million units in the 1980s, according to the brand's website. A commercial success that gained further momentum in the 1990s, when Naf Naf released eye-catching advertising campaigns promoting the grand méchant look. In May 2020, in the midst of the Covid pandemic, the company first went into receivership. It was then bought by Franco-Turkish group SY International, which employs more than 1,000 people worldwide, and had previously acquired French fashion retailer Sinéquanone in 2019. Heavily indebted, notably owing to rents that went unpaid during the pandemic, Naf Naf was again placed in judicial receivership in September 2023, before being bought by Migiboy Tekstil.
Fashion Network
23-05-2025
- Business
- Fashion Network
Naf Naf goes into receivership again
Another setback for French fashion chain Naf Naf, struggling to find its place within the highly disrupted mid-market ready-to-wear segment in France. Trade unions have revealed that Naf Naf's management has told employee representatives the company has filed for judicial receivership, only a year after it was acquired following receivership proceedings with the trade court in Bobigny. Naf Naf went into receivership in September 2023, and was then bought by one of its suppliers, Turkish producer Migiboy Tekstil, in June 2024. At the time, Naf Naf operated a fleet of 100 directly owned monobrand stores, and had some 530 employees. In a press release, the CFDT union condemned what it calls a replica of a 'catastrophic scenario... Once again, [Naf Naf's] employees have been placed in a situation of extreme uncertainty and their jobs are at risk. This news is all the more shocking as the management had spoken for several months, in extremely reassuring fashion, about the company being in a position to continue to trade,' said the union. The Sud union too was upset by the fresh difficulties faced by the employees. 'The only prospect for us is having to huff and puff again every month to receive our salary on time, since wages will fall under the control of AGS [the organisation that manages the insurance scheme for workers' wages], while fewer of us will be working in hollowed-out stores and will eventually risk, in the middle of the summer holidays, being hit by store closures and a new wave of redundancies,' said the union. Naf Naf was founded by the Pariente brothers in 1973. Between 2020 and 2023, it was owned by Franco-Turkish group SY International, which bought the chain during previous receivership proceedings. Before then, Naf Naf had been the property of French group Vivarte, which sold it to Chinese group La Chapelle in 2018. Migiboy Tekstil was Naf Naf's fourth owner in less than a decade. On May 21, at a meeting to discuss the company's situation with employee representatives, the group said it wanted to implement a business continuity plan as part of its application for judicial protection. The last reported revenue result for Naf Naf was €141 million in fiscal 2022.
Fashion Network
23-05-2025
- Business
- Fashion Network
Naf Naf goes into receivership again
Another setback for French fashion chain Naf Naf, struggling to find its place within the highly disrupted mid-market ready-to-wear segment in France. Trade unions have revealed that Naf Naf's management has told employee representatives the company has filed for judicial receivership, only a year after it was acquired following receivership proceedings with the trade court in Bobigny. Naf Naf went into receivership in September 2023, and was then bought by one of its suppliers, Turkish producer Migiboy Tekstil, in June 2024. At the time, Naf Naf operated a fleet of 100 directly owned monobrand stores, and had some 530 employees. In a press release, the CFDT union condemned what it calls a replica of a 'catastrophic scenario... Once again, [Naf Naf's] employees have been placed in a situation of extreme uncertainty and their jobs are at risk. This news is all the more shocking as the management had spoken for several months, in extremely reassuring fashion, about the company being in a position to continue to trade,' said the union. The Sud union too was upset by the fresh difficulties faced by the employees. 'The only prospect for us is having to huff and puff again every month to receive our salary on time, since wages will fall under the control of AGS [the organisation that manages the insurance scheme for workers' wages], while fewer of us will be working in hollowed-out stores and will eventually risk, in the middle of the summer holidays, being hit by store closures and a new wave of redundancies,' said the union. Naf Naf was founded by the Pariente brothers in 1973. Between 2020 and 2023, it was owned by Franco-Turkish group SY International, which bought the chain during previous receivership proceedings. Before then, Naf Naf had been the property of French group Vivarte, which sold it to Chinese group La Chapelle in 2018. Migiboy Tekstil was Naf Naf's fourth owner in less than a decade. On May 21, at a meeting to discuss the company's situation with employee representatives, the group said it wanted to implement a business continuity plan as part of its application for judicial protection. The last reported revenue result for Naf Naf was €141 million in fiscal 2022.
