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A single candidate for the takeover of footwear André, hit hard by the crisis

Former CEO François Feijoo is the only candidate for the takeover of the shoe brand André (Spartoo group), the first distribution company to have been placed in receivership due to the Covid-19 crisis, confirmed, Wednesday June 24, concordant sources.

The former president of Eram from 2013 to 2019, who already managed André when the brand was still part of the Vivarte group from 2005 to 2013, is the only candidate, said Agence France-Presse (AFP) Christophe Martin, CGT central delegate for the company, confirming information from the daily newspaper Les Échos.

"Indeed, an offer was made for the takeover of 47 stores [at around 180 points of sale in France] by M.Feijoo, the former CEO of our company," confirmed Mr.Martin.

Mr.Feijoo, who completed a second term in early June as president of the Federation of Specialized Trade Procos, said in the evening to AFP that his project, which he is currently finalizing with banks and investors, should allow it to take over "just over 200 employees out of around 400".

Other candidates are in the ranks, he said, but not to continue the activity of the brand, only to recover certain business.

Decision expected on July 24

Mr.Feijoo also affirmed that he was hopeful of raising the necessary funds, which he estimated to amount to "fifteen million euros", for a "takeover of the company but with a reduced scope: the brand, the top performing stores, head office and warehouses ”.

Mr.Martin expressed his “satisfaction” because Mr.Feijoo “knows the world of shoes very well and at the time [when he was managing André], it worked very well; we had good results, "he said.Feijoo will defend its project on July 1 during a hearing before the Commercial Court of Grenoble, where Spartoo's headquarters are located, before a final decision expected on July 24.

Posted Date: 2020-06-30

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