While the Commercial Court of Lille must rule on Wednesday on the plan for the continuation of the activity of Camaïeu, its shareholder, the Financière immobilière bordelaise (FIB), of the rich businessman Michel Ohayon, asked the State "an advance" to complete his plan.

Joined by AFP, the Ministry of the Economy does not see this request in a good light.

"It would be a state intervention under repayable advance," said Wilhelm Hubner, president of Hermione People and Brands (HPB), the distribution division of the FIB.

A request that is not “realistic” believes Bercy.

"The shareholder is asking the State to take over more than two-thirds of the contribution necessary to finance the takeover plan, in addition to the abandonment of all existing public debts", details the Ministry of Finance. 'Economie, adding that the State cannot "under any circumstances replace the shareholders".

A plan based on a real estate transaction

Placed in receivership on August 1, with debts of 240 million euros, including some 70 million unpaid rents, Camaïeu will be fixed on its fate, Wednesday, with the decision of the commercial court.

The shareholder's plan provides for the closure of 208 stores and the loss of some 500 jobs out of around 2,600.

“Everyone knows that there is an urgency” to save Camaïeu, which HPB “is the only one” to be able to do, after the withdrawal of various candidates for the takeover, including the American fund Gordon Brothers, underlined Wilhelm Hubner .

If the stimulus package is rejected by the commercial court, the other option would be liquidation, he said.

Michel Ohayon, ranked 104th fortune in France by

Challenges

, with an estimated heritage of 1.1 billion euros, does he really need an advance from the State?

Obviously not, but the financing of his plan for Camaïeu is based on a real estate transaction that will bring him big profits.

He is counting on the transfer to the FIB of the company's headquarters and warehouse in Roubaix for 14 million.

The FIB will take care of reselling everything for an expected amount “from 55 to 63 million euros”.

In August 2020, the FIB had taken over 511 of the 634 Camaïeu stores in France and around 2,600 employees out of more than 3,100, as part of a sale piloted by the commercial court.

The new management had given itself two years to bring the company back to equilibrium.

But operating losses reached 93 million for 333 million in turnover over the sixteen-month period since the takeover.

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