French value fashion chain Mim sees two full acquisition offers
Mim may be about to have a new owner. The French women's ready-to-wear retailer founded in 1976 went into receivership on 23rd November 2016, and has since been the object of several partial or total acquisition offers.
According to a variety of sources contacted by FashionNetwork, two of the offers relate to the entirety of Mim's business, though they would still imply a minor reorganisation and some dismissals.
On 25th January the proposals were outlined to the employee representation committee for the company, owned by Hong Kong group Main Asia since 2014. Mim formerly belonged to British group New Look, which bought it from its founders in 2003. The potential new buyers are reported to have an in-depth knowledge of the apparel business.
On 7th February the various offers will be presented to the trade court in Bobigny, France, which is expected to issue a ruling by the end of the month.
In the last four years, the low-cost fashion group has already activated three job-saving plans. In 2013, 136 jobs were cut, then 294 employees were dismissed in 2015, and in January this year another 31 jobs were cut, as part of the previous job-saving plan.
According to the document introducing Mim to potential buyers, the group currently has a staff of 1,580, and operates 270 directly-owned stores, as well as 100 franchised ones. As of 31st March 2016, Mim's annual revenue was €183.7, while a year before it reached €206 million.
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