Three takeover bids on the table, but the situation remains unclear

What does the future hold for Naf Naf? In receivership since September 2023, the women’s ready-to-wear chain has received three takeover bids to acquire all or part of its assets, management told AFP on Thursday, describing this as “encouraging”. But there is still uncertainty, according to the unions involved.

The owner of Naf Naf, the Franco-Turkish group SY International, explained that two of the bids submitted were “very partial” but that a third bid was comprehensive, “with a real desire to take over the company,” she said. This higher bid came from Migiboy Tekstil, a Turkish fabric manufacturer, according to a source close to the matter who told AFP. The company, which is owned by the Canpolat family, employs around 750 people in its three factories, according to its website.

The three offers, which have been presented to the social and economic committee (CSE), should soon be filed with the clerk’s office, according to a source close to the matter.

No stated number of shops and employees to be taken over

“To date, we have no details of the number of shops taken over, the number of employees taken over or the details of the plan” to take over, said Migiboy Tekstil, the CFDT to AFP, adding that the Turkish company had “until May 23 to provide all the details of its takeover plan.”

In a press release, the Sud trade union deplored “a very vague partnership offer, subject to numerous conditions,” which in its view could result in “the closure of a large number of shops and would only delay a certain end.” The union is encouraging employees to gather outside the Bobigny Commercial Court on May 28, the day of the next hearing during which the offers will be examined.  

With regard to the two partial bids, the CFDT points out that GD Distribution (Gérard Darel) is proposing to take over a single shop, while Chloé Distribution is offering to take over two. A call for tenders was launched by the procedural bodies in April to buy Naf Naf or to acquire a stake in its capital. It closed on May 13.

In recent months, management had also raised the possibility of drawing up an internal recovery plan, but this is no longer on the table, according to the Sud union.

Heavily in debt due in particular to unpaid rent during the Covid-19 pandemic, Naf Naf was placed in receivership last September. Founded in 1973 by the Pariente brothers, the brand employs 676 people in France and has 111 branches and 59 affiliated shops, according to management told AFP in April.

Naf Naf had already been placed in receivership in May 2020, leading to a change of ownership, with the brand passing from the Chinese group La Chapelle to the Franco-Turkish group SY International.

(With AFP)