admin Parisian fashion brand Naf Naf is understood to have filed for receivership just three years on from its first filing, after mounting pressure from a “downturn in footfall” and “eroded” revenue.
This was according to the boss of SY and Naf Naf, Selçuk Yilmaz, who told FashionNetwork the decision was made “in order to enable Naf Naf to implement all the measures needed to ensure it will continue to trade”.
Next to issues with revenue and footfall, Yilmaz also noted that “the debt burden has increased”, while overheads remained significant.
The French womenswear retailer, which has been owned by SY since 2020, stopped all payments towards the end of August, and eventually filed for judicial receivership with the commercial court in Bobigny, France, the media outlet reported.
If the court moves in favour of the receivership, a monitoring period will start for Naf Naf, during which time its owners will be required to form a recovery plan while provided with the ability to analyse cost-cutting measures.
In early 2023, Naf Naf had already seen a number of its senior executives exit, including its former CEO Luc Mory, with the company later introducing a job protection plan at its headquarters, leading to the dismissal of 27 jobs.
