The difficulties in the mid-range ready-to-wear sector are still resulting in heavy decisions. After Pimkie, Camaïeu, Kookaï or Burton, it’s the turn of the brands Princesse Tam Tam and Counter of the Cotonniers to be in turmoil. The Fast Retailing France group, a subsidiary of the Japanese giant of the same name, announced on Monday that it was considering the closure of 55 stores out of 136 in France of these two clothing brands, as well as the elimination of 304 positions.
The announcement of this “project to overhaul the distribution strategy” and “reorganization of the network of points of sale” was made on May 23 to the representative bodies of the staff of the two brands, the group told AFP. confirming information from the specialized site FashionNetwork.
Comptoir des Cotonniers (women’s clothing) and Princess Tam Tam (lingerie) are owned by Fast Retailing France, an entity of the Japanese textile giant whose flagship brand is Uniqlo. The objective of the plan is to “continue to adapt Fast Retailing France to changes in the clothing market and to stem the serious difficulties encountered by the company and its subsidiaries in order to ensure their sustainability”, according to the group.
No prospect of recovery
“The situation today is such that it no longer allows Fast Retailing France to continue without risking compromising its future and that of its brands. Especially since no prospect of a real recovery is envisaged, ”says the group.
Concerning Comptoir des Cotonniers, the project provides for the closure of 28 points of sale out of the 67 currently operated in France, and the elimination of 101 positions out of 272 permanent contracts. For Princesse Tam Tam, the closure of 27 points of sale out of 69 is planned, as well as the elimination of 84 positions out of 235 permanent contracts.
To this is added the elimination of 119 positions within Fast Retailing France “in order to adapt the workforce to the reorganization of the distribution network but also to reduce its oversizing”. “The objective is to close the closures (of shops) by August 2024, but the support for employees will be done over a longer period”, specified the group.