French bridal wear specialist Pronuptia has suffered a significant setback as the court has rejected the two bids presented for the company, leading to its liquidation. Pronuptia had been operating under a continuation plan since filing for receivership in 2012, but a challenging 2019 saw a decline in revenue by 10%, which proved to be detrimental to its recovery. In September, the court called for potential buyers and allowed Pronuptia to continue trading until February. Unfortunately, neither bid was deemed acceptable by the court, leaving the future of the company uncertain.
Limited information is available regarding the details of the bids, but it is reported that one of them was submitted by Pronuptia’s current CEO, Philippe Macé. This turn of events puts all 234 jobs at risk, including those at the company’s headquarters in Louverné en Mayenne, as well as the employees of its Pronuptia and Point Mariages stores, which consist of approximately 50 branches. Pronuptia also has 25 franchisees and affiliates.
The liquidation and closure of Pronuptia mark a significant blow for the company, as it had hoped to bounce back by leveraging its position as the leading bridal wear provider in France. The Pronuptia brand has enjoyed a strong reputation and has been a well-known name since it was founded by Marie and Henri Micmacher in 1958. The company’s annual revenue is approximately €20 million.
Once the liquidation process is complete, Pronuptia’s assets, which include its trademarks Pronuptia, Mademoiselle Amour, and Point Mariage, as well as its archives and remaining inventory, are likely to be sold separately in the coming months. Despite the unfortunate outcome, Pronuptia’s popularity and brand recognition could still hold value for potential buyers in the future.