The NAF-NAF female ready-to-wear brand placed in receivership-Liberation

Despite a recovery, Naf Naf fails to take his head out of the water. Barely a year after his acquisition by the Turkish group Migiboy In June 2024, the female ready-to-wear brand was placed this Friday, May 30 in receivership, faced with « Treasury difficulties », According to a decision of the Commercial Court of Bobigny (Seine-Saint-Denis) which AFP was aware.

The company employs 588 employees in France – 650 in the last six months, notes the court. « If this judgment for the moment dismisses the immediate liquidation of the company, it opens up a great period of uncertainty », The CFDT was moved in a press release. Turkish management said it wanted « Continue to make the brand exist and present a recovery plan ».

In cessation of payment, the company « Is faced with cash flow difficulties that it is not able to overcome » And « Is unable to face his liabilities due with his available assets ». Indeed, its liabilities amount to 44 million euros when its turnover in 2024 reached 47 million euros. But justice considered that « On the declarations of the debtor and the presentation of his activity provisional as well as the amount of the available cash, there are recovery prospects ».

This is the third procedure In this way in five years for the iconic brand of the 1990s. On Wednesday, May 21, during an extraordinary CSE, the brand’s management at « Big bad look » had indicated to her employees that she was going to request the placement in receivership of NAF NAF « In view of a continuation plan ».

But even if this recovery plan results, « A drastic reorganization with store closures and a new reduction in the seat are very likely »judged the CFDT. Not to mention the disaster scenario: « Conversely, if these conditions are not fulfilled, a liquidation will be loomed with sale to the most offering stores, stocks and the brand, with a disastrous social impact », explains the union.

Migiboy was committed in June 2024 to save 90 % of jobs and keep a hundred stores of their own. At the time, the company had offered more than 1.5 million euros to take over the French brand. In doing so, the Turkish company had saved 521 jobs out of 586 and a hundred shops in France, and resumed the subsidiaries in Spain, Italy and Belgium.

NAF NAF benefits today from a six -month observation period and its situation will be re -examined during a hearing fixed for July 23.

« Management and the shareholder will have to prove that Naf Naf can continue to operate at least temporarily, which supposes to supply the stores (…) and find a new logistics organization, all with very constrained financial room for » financial maneuver « worried the CFDT. For its part, management argued in court that stores « Will be supplied because there are 800,000 items in stock and the company flows 140,000 items per month ».

Naf Naf has never managed to get out of the crisis, which is part of a particularly difficult context for textile companies in France. ShadowKookai, Gap France, André, San Marina, Minelli, Pimkie, Comptoir des Cotonniers, Princess Tam Tam, Ikks, Kaporal… Many brands paid the price for this turmoil. At the end of April, Jennyfer asked for his compulsory liquidation.

Launched in 1973 by two brothers, Gérard and Patrick Pariente, Naf Naf – in tribute to the « Small the strongest and clearest pig of the three » – acquires a certain notoriety in 1983. Its combination of cotton canvas declined in several colors is then sold in more than 3 million copies, recalls the brand’s site.

A commercial success which gained momentum in the 1990s when the brand launched highly noticed advertising campaigns, with the slogan « The big bad look ». But in May 2020, in the midst of Covid epidemic, the brand was placed in receivership.

The company was then taken over by the Franco-Turkish group Sy International, which employs more than 1,000 people worldwide, and had already acquired the Sinéquanone brand in 2019. The brand, which has gone in debt during the pandemic, in particular due to unpaid rents, was again placed in receivership in September 2023, before being bought by Migiboy Tekstil.