Toys'R'Us soon in receivership?

The French subsidiary of the giant toy distribution US Toys'R'Us will apply to be placed in receivership
Following the liquidation of its parent company in the United States in mid-March, we learned Friday from the company, confirming information from World . Its chief executive, Jean Charretteur, announced Wednesday to the staff representatives that he had filed with the commercial court of Evry (Essonne) a request to place the company in receivership, says the daily.

Joint report AFP, the managing director said he was "very confident", explaining having set up a "shock team to give himself every chance to save society". In making this decision, the objective of Toys'R'Us France is to put in place "a measure of protection to allow the continuity of the negotiations [avec un possible repreneur] in a secure and serene context," said the source. close to the folder. The hearing will be held next Wednesday and the decision should be known in September, according to Jean Charretteur.

A "good thing" for unions

This procedure is a "good thing" because it allows "investors already in discussions "with the management" to finalize the file ", also said Christelle Jordan, CFDT central union delegate, without specifying the names of these potential investors. In this context, "it can be beneficial for employees," added Christelle Jordan. "The most important is the durability of jobs," she insisted.

According to Le Monde one of the possible buyers of the French stores of the sign would be Pierre Mestre, the majority shareholder of the Orchestra group, owner of the Prémaman brand. The project would consist in offering in the same stores the offers of both brands, clothing and childcare on the one hand and toys on the other hand, according to a source close to the file. The maintenance of the Toys'R'Us brand will depend on the negotiations with the lenders who hold the rights in the United States, according to the same source.

Orchester mal en point also

Orchestra, whose turnover has exceeded € 600 million in 2017 but has recorded a net loss of 20 million, just avoided the cessation of payments, thanks to an agreement to reschedule its debt. Number 1 in the sale of toys in France, Toys'R'Us announced mid-March he was looking for a buyer, following the announcement of the liquidation of the 735 stores of the brand in the United States. 19659003] "We are studying the measures to be put in place in order to preserve the continuity of the activity [des 53 magasins français] as well as the interests of all of our [1.300] collaborators", had then specified to AFP Jean Charretteur. In the meantime, he added, "the business continues and our stores are open," thanks to a substantial cash flow. In 2016, the French subsidiary of Toys'R'Us had a turnover of more than 300 million euros.

The Grande Récré in turmoil

The French toy sector has been in turmoil since several months: the group Ludendo, owner of the sign La Grande Récré, was placed in receivership in March because of commercial and financial difficulties. Its buyer should be known in the coming days, the commercial court of Paris to choose between an offer filed by the CEO of the group, Jean-Michel Grunberg, and another by Fnac Darty.

>> To read also: La Grande Récré, Toys'R'us … Why are toy stores in crisis?