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 Via Stalls And Markets Or Other 47.91 - Retail sale via mail order houses or via Internet
509 jobs Number of planned job losses
Announcement Date
28 August 2008
Employment effect (start)
1 December 2008
Foreseen end date
31 July 2009
Description
The management of the French furniture company Camif has announced plans to make 509 of its 785 employees redundant between December 2008 and July 2009 in Niort. Camif Particuliers has lost 28 millions euros since the beginning of the year and is now predicting a turnover of 230 millions euros in 2008, against an initial forecast of 450 millions euros. The company is hoping to extend its customer base by refocusing its activities towards mid-range and high-end furniture. French furniture producer Camif Particuliers raised 6 millions euros in a capital increase launched in July 2008 to save the company from bankruptcy. The two shareholders of the firm, local investment fund Osiris and Camif SA, have subscribed for 66% and 34% of the new shares, respectively, the president of the firm's board of directors said in August 2008. Under the plan, Camif Particuliers will abandon its business of selling clothes and high-tech products and will focus on its core activity. The move would also enable the firm to come back into black in 2010, after having registered losses for 20 years.
Eurofound (2008), Camif, Internal restructuring in France, factsheet number 67006, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67006.
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