Pierre Mestre's NewOrch receives court approval to take over Orchestra-Prémaman
Orchestra-Prémaman is set to turn over a new leaf, albeit still under the direction of Pierre Mestre. Montpellier's commercial court voted in favour of the purchase offer made by NewOrch, which is led by the children's fashion company's founder and president, on Friday, 19 June.
Through his newly created company, NewOrch, Mestre will be able to purchase stocks of the group that he already manages. The deal will see NewOrch acquire 430 stores and 3,769 employees, meaning that 600 associates and some 100 stores will not be maintained. However, all employees at the company's warehouse in Saint Aunès, as well those at its joint venture in Arras, will be kept on.
"By handing over the reins of Orchestra-Prémaman to the professionals who have developed the company over the last 25 years, the court has chosen a safe, financed, collective project led by a committed team that respects the values of the company and its talented community, and whose objective, as far as possible, is to limit the impact on jobs," said Mestre, who founded the company with his wife Chantal in 1995. The financing allocated to this acquisition plan totals 176.4 million euros.
Saudi Arabia's Al-Othaim also made an offer for the company. "Al-Othaim wishes the best for all of Orchestra-Prémaman's teams and would like to warmly thank the employees who offered their support throughout this process," commented the group in a press release.
Orchestra-Prémaman entered into a company voluntary arrangement in September 2019, and was placed in receivership on 29 April 2020. Boasting 563.5 million euros in annual revenues, the group has some 550 stores around the world, including franchise locations, and employs 4,500 people.
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