France’s footwear company, Solemma, which owns the popular shoe brands Salamander and Reborn, has recently faced financial difficulties, resulting in its placement in receivership. After months of struggling, the Annecy Commercial Court in France decided to liquidate the company, leading to the closure of 19 retail stores and the unfortunate loss of around 100 jobs.

In an effort to prevent the closure of the Salamander subsidiary for the French and Belgian markets, Grégory Cottier and Florian Wernert took over the business a year ago. Despite the company’s previous challenges and the subsequent receivership, Cottier remained hopeful for the future. He believed that the receivership process would help resolve the cash flow issues and provide an opportunity for Reborn, the newly established shoe brand, to continue growing and developing.

Initially, Cottier had a plan to sell off three Salamander shops for €1 million, creating a cash bridge for the company. However, the plan faced delays in the receivership procedure, which was originally scheduled for December but was later postponed multiple times. Cottier expressed his confusion and disappointment over these delays, especially considering that they had secured an investor and presented a continuity plan, both of which were rejected by the Commercial Court.

The recent decision to liquidate Solemma came as a shock to Cottier, and he expressed his concern for the employees who will now be affected by the store closures. The abruptness of the decision and the impact on the staff highlight the unfortunate consequences of the receivership.

Before the receivership, Cottier had ambitious plans for the Salamander brand. He aimed to rebrand it as Reborn and transform it into a multi-brand shoe concept store, focusing not only on its own brand but also on social and environmental responsibility. The opening of the first Reborn store in Strasbourg demonstrated Cottier’s vision for the future of the company.

The future of Solemma and its brands, Salamander and Reborn, remains uncertain in light of the receivership and liquidation. The challenges posed by this situation and the resulting closure of stores and job losses are unfortunate. However, Cottier’s determination and resilience throughout this process showcase his commitment to the company and its potential for success.

Useful Links:
1. Reuters: France’s Solemma enters receivership to liquidate company, close stores
2. Business Standard: France’s Solemma enters receivership to liquidate company, close stores