The facts The 20 Gap France stores have been put into receivership by the Commercial Court of Grenoble, according to a decision published on Tuesday, February 28th. Wilsam, owner of 20 Gap France branded stores, has been placed into receivership, according to a ruling by the Commercial Court of Grenoble handed down on Tuesday, February 28.
Deputy prosecutor François Touret de Coucy said in a press release that the court’s decision was taken “at the request of its president, Patrick Pouille, and in accordance with the requests of the prosecution”.
He explained that the court “appointed the same agents and bailiffs” for the Go Sport companies, which own Gap France, “for the sake of economic consistency”.
Wilsam’s announcement to stop payments was based on a financial analysis prepared by Eight Advisory, the court noted in its ruling on Wednesday.
Right To Warn
It “shows available assets of €378,856 and current liabilities of €26,292,594”, a “negative difference” of approximately €26m, plus other cash movements between Wilsam and MPI. The end of the observation period was set for August 29.
The Gap France brand is owned by Bordeaux entrepreneur Michel Ohayon, who made his fortune in real estate before buying retail brands like Camay, Go Sport and Gap France, as well as about two dozen Galeries stores. Lafayette is out of Paris and has been in crisis for weeks.
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The elected employees of the ready-to-wear brand exercised their right of alert at the end of January to obtain information about the situation of their company, which was bought in 2021 for one euro by the HPB group (Hermione, People & Brands), who announced that they would resell it to Go Sport.
Last week, Gap France said it “had to temporarily halt e-commerce orders”. CFDT added that one of the brand’s Parisian stores, located on avenue des Ternes in Paris’s 17th arrondissement, will close at the end of March.
Also read Saint Marina, Galeries Lafayette … Fashion victim of new French habits An “organized gang coup” within Go Sport, which owns Gap France, is also being investigated under the auspices of the National Judicial Authority against Organized Crime (Junalco).