Charles Jourdan

Repurchase of the company

A disagreement between the Jourdan brothers allows to the manufacturer shoes American Genesco to become majority shareholder in 1971, whereas 2.000 people are employed by the company Charles Jourdan, in Romans, the Tournon-on-Rhone and Annonay.

The company is then repurchased in 1980 by Swiss investors (of which Franz Wassmer) who separate from Roland Jourdan, the son of the founder, deceased on July 29th, 2005, at the 80 years age. Roland Jourdan incarnated this mark and hoisted it with the international level.

Social plans

In 1986,300 employment are removed on the site from Annonay and 570 the following year because of a lack of treasury.

In 1994, the site of the Tournon-on-Rhone is closed in its turn, 300 employment removed.

In 2002, a first Social plan reduces manpower of the group to 265 people on the site of Novels. It is repurchased in 2003 by the holding Lux Diversity SA for a million euros.

The company has, in 2005,80 shops, has 400 sales outlets in the world and realizes nearly 90% of its production with Romans.

The mark knew to attract great names of creation to start again its collections, like Patrick Cox in 2004, or Josephus Thimister in 2005, without returning to the point of the mode.

Reductions of activity

At the end of 2003, the cumulated losses reach 12,8 million euros. Lux Diversity brings 1,2 million euros and the Group Charles Jourdan Holding reduces the Authorized capital of the shoemaker from 23 to 12 million euros.

In February 2004, the Swiss holding creates a baptized new business Charles Jourdan International Paris, of which the object is to manage the main part of the license S of shoes and accessories belonging to Charles Jourdan Holding Swiss, Charles Jourdan France preserving only the management of the mark of shoes in France.

The direction closes or yields stores to rationalize the distribution network. Charles Jourdan thus leaves the Fields-Elysées whereas this store of prestige ensures alone 30% to 40% of the sales in France. The company, tenant, obtain from the owner of these 250 very coveted square meters, a Indemnité of ousting of 5,2 million euros which are used to pay the wages and the suppliers of the Group.

The budget of Promotion is tiny room of 38% between 2003 and 2004. At the end of 2004, the sales fell of 22%, a tendency worsened in the first half of 2005. The company sells 65.000 pairs of shoes per annum, whereas it would be necessary for him “to leave them 140.000 to 150.000” according to the union representative.

The vexations of the shoemaker to the the United States weigh also seriously on its finances. Charles Jourdan the USA, direct subsidiary company of the Swiss holding leaves voluntary liquidation to the United States. Charles Jourdan France, under the direction of Christophe Béranger, authorized several to him abandonments of credits, in particular on November 6th, 2003 (approximately 275.000 euros) and on January 7th, 2004 (77 000 euros).

Three frameworks, the finance manager and the directors of human resources and the legal department are laid off at the end of 2004.

In 2005, the Trésorerie is bloodless and the suppliers are not paid any more. Lux Diversity accepts, in June, to bring 2 million euros, to spend the summer.

In June 2005, a position of secretary general is created and allotted to the partner of Mr. Béranger, Christelle Voynau.

Voluntary liquidation

At the time of the meeting of the committee of extraordinary undertaking in August 2005, the direction announced to the staff representatives voluntary liquidation, for a debt of 9 company, euro million Charles Jourdan France, responsible for marketing and administration, Charles Jourdan industries, charged with the production, and distributive firm Sodepar, which gathers the stores of the mark. Thus, 432 paid is likely to lose their employment.

CGT claimed, in August 2005, with the public authorities and the bankruptcy court, " to oblige the direction of the group to make accounts economic, but especially financial, before any step towards a rectification judiciaire" , and the nomination of an independent expert " before any harmful decision for the salariés".

Setting in rectification

August 22nd, the bankruptcy court noted the Suspension of payment and pronounced the Mise in rectification, with a six months deferment to find transferee. The possible transferees have until September 30th, 2005 to make known their projects.

Today private of his Goodwills and his buildings, of part of his marks, confidence of his suppliers, and involved in debt of more than 10 million euros, Charles Jourdan will have evil to reappear. There remains a notoriety and a know-how which a priori can interest several transferees including two old of the house, Yves Desfarge, person in charge of collection before 1992, Hugues Birkel, old directing of the development and Mr. Béranger.

The mark Charles Jourdan being since 1982 property of the Swiss group Charles Jourdan Holding, it does not form part of the perimeter of recovery. However, without the property of the mark, no project is viable. It would be necessary that the Swiss holding, which holds the licenses, is yielded to the French transferees. The minister Borloo promises with paid of Charles Jourdan of " rapatrier" the mark. In order to allow the resumption of the group, the shareholders of Charles Jourdan Holding agree to yield the latter for a sum without any common measurement with its actual value to any serious transferee.

On Thursday, September 29, the French government named a sub-prefect (Pierre Clavreuil) especially charged to coordinate the actions of the State in the basin romanais. The first two takeover offers of Charles Jourdan were deposited in front of the bankruptcy court at the end of September, one was it by Mr. Béranger, leant with the Avendis Capital funds.

The main questions outstanding at the end of September relate to the safeguard of employment (the figure of 150 safeguarded employment was quoted) and always the right to the use of the mark Charles Jourdan.

The shareholders of the Swiss holding specified under which conditions it were ready to yield the mark Charles Jourdan.

On Friday, October 14, the inter-ministerial committee of installation and competitiveness of the territories (CIACT) also decided to assign 8,53 million euros to the reconversion of the industrial basin romanais.

Thanks to the agreement of the shareholders of Charles Jourdan Holding to yield the latter in the French périmettre recovery, on October 28th, 2005, the Bankruptcy court sliced in favor of the only candidate remained in string after the withdrawal, Wednesday evening, of the group of Guy Laroche ready-made clothes. Thus the financial group Swiss Avendis Capital envisages to preserve 150 paid at Romans and an about sixty in various sites in France and abroad, on 380 employment concerned. Philippe Cardoon, representative of financial and Christophe Béranger, president de Jourdan, will continue to direct the company.

Structure of the company at the time of voluntary liquidation

(Source: Le Monde 9/13/2005)

Lux Diversity, funds of investment in Luxembourg, holds Charles Jourdan Holding, Swiss company, both chaired by Serge Krancenblum.

Charles Jourdan Holding has 100% of Charles Jourdan France, with the registered trademarks, exploited abroad by the means of Charles Jourdan the USA, in New York; Charles Jourdan Asia, in Tokyo and Charles Jourdan International in Paris, with licenses in Europe and Asia.

Charles Jourdan France, chaired by Misters de Tapol and Béranger, account 657 people, with five subsidiary companies: CJ Industrie (231 paid) for manufacture, Sodépar (84 paid) with the French stores and of the Switzerland subsidiary companies, allemande, English.

MANDELEVIUM subsidiary company of CJ industry (243 paid), which manufactures for Vuitton, is profit and is guaranteed with the profit of the creditor banks.

Sources

Release
Le Monde
Humanity

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