Bad news for Compagnie Vosgienne de la Chaussure, as the only rescue bid “will not do”. Close to wind up

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Bad news for Compagnie Vosgienne de la Chaussure. In fact, last week the Commercial Court of Nancy did not approve the bid that had been timely submitted by Swiss Petrus Finance, who is currently in control over Le Coq Sportif brand. The aim was to rescue 30 job positions, out of 130, in the French footwear manufacturing company. For the records, that was the only bid submitted before the Court. After deeming it insufficient, the judge decided to wind up the company. The first hearing will be held next November 6. As reported by local press, as soon as the company’s employees heard about the news, they went back home while waiting for further notice to be sent via mail. The business had been into receivership since July 31. As reported by FranceBleu.fr, a French web portal, the French representative of Hanse Industriekapital (HIK), a German investment group, which has been running the footwear factory for one and a half years, cleared up that his group had lost over 5 million euros last year, therefore missing their primary aim to take a sound position in the luxury footwear market. CVC, headquartered in Champigneulles, were already working for Le Coq Sportif brand. Out of their 5 shoe production lines, just 3 of them have been employed over the last years: the bid, rejected by the Court, would have focused the manufacturing on one line only, to make sneakers as well.

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