Ailing French fashion chain Naf Naf has been acquired by a Turkish fabric manufacturer that wants to keep about 100 shops open and save almost all of the jobs.
Heavy debt burden
Turkish company Migiboy Tekstil has offered over 1.5 million euros to take over Naf Naf, the French fashion chain owned until recently by French-Turkish SY Group. The new owner promises to save the jobs of 521 people and keep 100 of its own shops, French news agency AFP reports.
Naf Naf is weighed down by heavy debts, including rent arrears during the pandemic. In September, the retailer was placed in receivership and its management was given six months to work out a recovery plan. At the time, the company still had 135 shops of its own, including seven in Belgium – those too would be rescued, as would branches in Italy and Spain. The fashion chain posted a turnover of 141 million euros in 2022.
