The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail Sale Of Clothing In Specialised Stores
65 jobs Number of planned job losses
Announcement Date
18 June 2024
Employment effect (start)
18 June 2024
Foreseen end date
Description
In receivership, the clothing brand Naf Naf is taken over by the Turkish group Migiboy Tekstil, in all, 65 people will lose their jobs on a total of 586. The fashion brand has suffered from: pandemic, inflation, rising energy and raw material prices, rents and wages, and competition from second-hand and "fast fashion" brands. The first job cuts and store closures took place following the opening of the receivership procedure in September, but this was not enough to turn the company around. The buyer Migiboy Tekstil, a Turkish fabric manufacturing company, has offered €1.5 million to take over the company, which has been in receivership since last September. The buyer has undertaken to safeguard 90% jobs of the current employees and to keep 100 of its own shops.
Migiboy Tekstil is based in Istanbul and employs around 750 people.
Eurofound (2024), Naf Naf, Merger/Acquisition in France, factsheet number 201333, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/201333.
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