The Financière immobilière bordelaise (FIB) was chosen Monday to take over 511 stores of the Camaïeu chain in France, according to several corroborating sources. The investment fund, which specialises in commercial property, won the bid in the face of the takeover offer made by the current owner of Camaïeu and three funds that were already shareholders and which were planning to take over a smaller number of stores (446 to be precise).

On the Luxembourg side, this announcement does not change much for the time being, but sounds like a positive signal, according to David Angel of the OGBL. “There were two buyers, and therefore a marked interest in the company,” the union secretary said.

Supply problems in Luxembourg

For the time being, no decision has been taken for the three sales outlets located in Luxembourg-Gare, Esch-sur-Alzette and Belval, where 12 employees work. They are continuing to operate normally, with the exception of a strike on 13 July, but with some difficulties. “For the moment, the shops are being delivered rather irregularly and with very few products,” the OGBL said.

The Luxembourg shops are run from Belgium, where the search for a buyer is imminent. The company court of Brussels should start this week the procedure of judicial reorganisation of the subsidiary, according to news agency Belga.

Camaïeu currently employs 3,146 people in its 634 stores, mainly in France, but also in Belgium, Luxembourg, Italy and Poland. The ready-to-wear chain has been experiencing difficulties for several years, with a debt that reached €480 million at the end of 2018. The coronavirus health crisis has further affected its activities.

This article was originally published in French on Paperjam.lu