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Jewelry stores low prices, placed:
Lawyers for jewelry stores at Low Prices Claire’s announce its placement in receivership in France.
The French subsidiary of Claire’s. Similarly, an accessories and jewelry brand at low prices, was placed in receivership, indicated, Monday, July 28, the lawyer for staff representatives, confirming information from the local radio delta FM.
The brand. Therefore, known for its earrings, percabs and accessories for teenagers, had in early 2024 around 250 stores and 800 employees, according to the latest accounts published.
The Paris Economic Activities Tribunal opened on July 24 a receivership procedure. Moreover, with a six -month observation period at the end of which will be decided if a continuation plan is possible, with a possible buyer, or if the liquidation must be pronounced.
At the end of this observation period. the court will decide whether a continuation plan is possible, with a possible buyer, or if a liquidation, synonymous jewelry stores low prices, placed with cessation of activity, must be pronounced.
“They say they are looking for a buyer. ” said Maître Khaled Meziani, lawyer for staff representatives, “but I’m afraid there are a lot of layoffs.”
Hundreds of threatened jobs – Jewelry stores low prices, placed
Like Claire’s. many other brands of accessories or ready-to-wear have been placed in receivership in France for a year and a half, whose brand for teenage girls Jennyfer at the end of April, who finally found a buyer, allowing to save 350 jobs in 1,000 threatened positions.
Many French brands suffer in particular from competition from Asian sites at very low prices like Shein and Temu.
Present at the hearing. the Secretary General of the Federation of CFDT Services Véronique Revillod denounces to AFP a lack of clarity in the financial data of Claire’s France, “which was still beneficiary last year,” and on the reasons for which the company requested a receivership.
Claire’s France had released 1.3 jewelry stores low prices, placed million euros in net profit between the end of 2023 and the end of 2024, and 0.8 million in the previous financial year, according to the company’s published accounts. Its sales had however dropped. passing in one year from 142 million euros to 132 million euros, including 37 million euros as wholesaler in Europe for other Claire’s stores.
The Mother House of the brand in the United States is also in difficulty. American stores had been placed for the first time in 2018 under the protection of the US bankruptcy law. known as Chapter 11, and are preparing, according to Bloomberg, to do so again due to the impact of customs duties decided by Trump on the products manufactured in China, to which is massively clear.
The British subsidiary owner of Claire’s France did not react immediately.
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