Court rejects bids for Pronuptia, French bridal wear specialist to be liquidated
Pronuptia has eventually been crushed by debt. After filing for receivership in 2012, the French market leader in bridal wear was operating under a continuation plan. But a tough 2019, with a 10% revenue shortfall, caused Pronuptia to derail. Last September, the court called for buyers to come forward, and ruled Pronuptia could continue trading until February in the meantime. However, on February 4, the court decided that neither of the two bids presented was acceptable, and ruled that Pronuptia is to be liquidated, as reported by the local media.
Little detail is known about the two bids, one of which was filed by Pronuptia's current CEO, Philippe Macé. The company’s 234 jobs, split between the headquarters in Louverné en Mayenne and the staff of the Pronuptia and Point Mariages stores, altogether about 50 branches, are all at risk. The Pronuptia group also has 25 franchisees and affiliates.
It is a hammer blow for the group, which believed it would be able to bounce back, relying on its position as market leader in bridal wear in France, where the Pronuptia brand has a strong reputation. Pronuptia was founded by Marie and Henri Micmacher in 1958, and its annual revenue is in the region of €20 million.
Given Pronuptia's popularity, once the liquidation will have been completed, its assets, especially the trademarks Pronuptia, Mademoiselle Amour and Point Mariage, as well as the archives and remaining inventory, are likely to be sold off separately in the months to come.
Copyright © 2021 FashionNetwork.com All rights reserved.