Camif in suspension of payment

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Camif

A victim of more than financial crisis…

The group of mail-order selling Camif Private individuals and its head office, the co-operative Camif SA, declared itself in suspension of payment, and this, two days after the advertisement of a social plan with Redoute.

Reason called upon: the economic crisis - obviously - but also of the financing problems.

780 people paid should be affected by this measurement. The bankruptcy court of Niort must rule on the fate of the two companies Monday.( Finance Information City )

The group of Camif mail-order selling had been founded in 1947 to make it possible to the teachers to be equipped after the war.
The activity of September was in-on this side forecasts and involved “tensions of treasury” which, combined with the economic crisis, force the group to be declared in suspension of payment.

At end of inventory, “the stores, like the other channels of sale, will be closed for four days as from aujourd' today”, added the group without more precision.

Internet site specifies that “CAMIF Particuliers has just regularized a declaration of suspension of the payments and that the company is on standby of a decision of the Bankruptcy court on the continuation of its activity”.

In prey with strong difficulties these last years, Camif Particuliers, which specialized in the sale of furnishing, is held with majority by the funds Osiris (66%), the remainder of the capital pertaining to Camif SA (34%) which was its head office before.

At the end of August, the direction of the group had announced to have joined together the 6 million euros subscribed within the framework of its capital growth, impetus at the end of July in order to supplement the financing of its recovery package. The group had in parallel announced 509 redundancies including 365 at Camif Particuliers and 144 at Camif SA, on a total of almost 1.400 people.

From 1995,740 stations were already removed in Camif by the means of three social plans.

In an official statement, Segolene Royal, president of the area Poitou-Charentes, request with the government to come to assistance of Camif, a “floret of the regional economy”.

After the rescue plan of the banks and the support measures for the economy announced by Nicolas Sarkozy, “the employees of Camif and their families deserve as much the solidarity of the State”, Segolene Royal writing. The former candidate with the Presidential Elections in addition asks for the releasing “in urgency” of financial means “essential to ensure their future and an employment”.