The process however blocked by some banks

Women's clothing brand Joins Morgan group Rémi. Placed in receivership three months ago, Morgan was adopted yesterday by the company of Saint Malo in the commercial court of Nanterre in an assignment for an amount not communicated. Banks refused the continuation plan proposed by breton in January, is the administrator of partly resolve the creditors, while the company had a surplus of 30 million of debt.

All of the employees of Morgan, a thousand people in Europe, including 750 in France, are returned, except for a dozen posts. The breton, for its part, had previously 3,500 employees and a network of 1,250 stores with 4 brands, including hide and seek. Specialist clothing, whose turnover reached 640 million last year, already is familiar with the company for which he had expressed his interest in 2007. It will have to restart, while Morgan is in red, with sales estimated at 120 million euros in 2009, up from 189 million in 2007.

Repositioning work

"Our ambition is to become the French champion on the world market with our Spanish and Swedish competitors." Prior to this we have a lot of work with Morgan, in terms of repositioning in the market, but also to reassure employees and suppliers, and renovate stores. "We expect another two years of losses," said Roland Beaumanoir, CEO.

In its ambitious development plan, the group plans to invest 25 million euros over three years with the opening of 135 shops Morgan, including a third in France. In the Recycle Bin, Morgan, launched 20 years ago in the trail, brings 500 points of sale, including 210 in own. With 3 recent openings in Russia, Syria and the Viet Nam. Rémi will enjoy this renown and a presence in 50 countries, while still conducts it 90 of its sales in France. Morgan will take advantage of its integration into the fold of an industrial group with a critical size in terms of purchasing, to restart.

The mark, known in the 1990s for its slogan "Morgan de toi", took the delay on its competitors, as Zara or Kookai, in terms of management tool to accelerate the renewal of the collections. "We have not had sufficient financial resources to support the international growth, in terms of logistics and computer investment since the repurchase in LBO in 1998." "To be present in many countries demand a very complex management", says Dominique Damon, specialist recovery company. It had been called in 2006 by the shareholders, Apax Partners (40 of the capital), other funds (20) and founding families (20) to relaunch the company with a view to sell.

Caught up by the crisis

Jig by the failure of its English subsidiary, Morgan was able to recover: its operational result passing of 2 per cent of the turnover in 2006 to 7 in 2007, but the crisis has swept all of these efforts. Apax has decided to initiate the transfer in 2008. The process however blocked by some banks. Because, if a dozen candidates are presented, the latter refused to negotiate the residue of debt, for fear of a precedent. Morgan then decided to use the judicial relief to find a solution. "I am satisfied because justice went quickly, and we go out from the top, joining a group which will allow a Morgan to ensure its development, while safeguarding employment and the sustainability of society", is Dominique Damon. The leader must leave in the coming months Morgan, and will be replaced by Frédéric Dupuis, who developed hide-and-seek in China.