French women’s ready-to-wear retailer Naf Naf, which entered receivership last September, has announced its intention to issue a call for tenders seeking investors interested in acquiring a full or partial stake in the company. The call for tenders will commence on Friday, with potential buyers or investors’ proposals due by May 13.

Selçuk Yilmaz, the head of Naf Naf, commended the company’s workforce for their unwavering efforts to improve results despite the challenges. In a message to employees, Yilmaz emphasized the necessity of seeking additional financial support to move forward. The decision to issue a call for tenders was made in agreement with the receivers, with the aim of attracting investors who could provide the needed financial backing.

While the possibility of selling the company is not ruled out, Naf Naf has expressed a strong commitment to its employees and a preference for finding investors to support its operations. The plan was presented to the employee committee, with various options under consideration, including the formulation of a turnaround strategy by the current owner.

However, uncertainty looms over Naf Naf’s future, as highlighted by the majority union, CFDT, representing the company’s employees. The retailer faces significant debt, exacerbated by unpaid rents during the pandemic, leading to its placement in judicial receivership in September 2023.

Despite an extension of the monitoring period granted by the trade court in Bobigny until September 2024, challenges persist. The court recently canceled a redundancy plan introduced, which was canceled in 2023 due to a lack of oversight, reflecting the complexities surrounding the company’s restructuring efforts.

Naf Naf, founded in 1973 by brothers Gérard and Patrick Pariente, was previously owned by the Vivarte group before being acquired by the Chinese group La Chapelle. Following a receivership period in 2020, the Franco-Turkish group SY International purchased the retailer. Naf Naf operates 111 directly owned stores and 59 affiliated ones, employing 676 individuals in France.

The call for tenders represents a pivotal moment for Naf Naf as it seeks to secure its future amidst financial challenges and operational restructuring.