The women’s ready-to-wear brand Naf Naf, in receivership since last September, was taken over on Tuesday by a Turkish fabric manufacturing company, which saves nearly 90% of jobs, according to a court decision consulted by the AFP.
The company Migiboy Tekstil offered more than 1.5 million euros to take over Naf Naf and committed to saving the jobs of 521 people and maintaining 100 own stores. This Turkish company employs around 750 people, we can read on its site.
“Real desire to take over the company”
Last May, Naf Naf management declared that Migiboy Tekstil’s offer demonstrated a “real desire to take over the company”. Heavily in debt due in particular to unpaid rent during the Covid-19 pandemic, Naf Naf was placed in receivership in September 2023.
In Tuesday’s decision, the Bobigny commercial court (Seine-Saint-Denis) also recalls that the company suffered from “a drop in attendance in catchment areas” and the effect of “inflation and the increase in the cost of raw materials.
First job cuts in September 2023
Launched in 1973 by two brothers, Gérard and Patrick Pariente, Naf Naf had already been placed in receivership in May 2020. The company was then taken over by the Franco-Turkish group SY International, which employs more than 1,000 people around the world, and had already acquired the Sinéquanone brand in 2019.
In October 2023, Naf Naf employed 682 employees in France, owned 125 stores in France and 69 affiliated stores, according to the court decision. The first job cuts and store closures took place following the opening of the judicial recovery procedure in September 2023.