Conforama France ceded to Mobilux, the parent company of Aim

After weeks of negotiations, the south african group announces give away "100 % of its shares" in the name of furniture Conforama France, in difficulty, to Mobilux.

The south-african group Steinhoff announced Wednesday in a press release that it was "100 % of its shares" in the name of furniture Conforama France, in difficulty, Mobilux, the parent company of its competitor Purpose.

Conforama, controlled since 2011 by Steinhoff, has developed a PSE approved on February 27, providing for the closing of 42 stores (retailers Conforama and Home Depot), as well as 1,900 job cuts on 9000 in France. Mobilux is a common structure to the industrial group of the austrian Lutz, and the funds american investment, Clayton, Dubilier & Rice (CD&R).

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Steinhoff "has agreed to transfer its shares in Conforama France, as well as certain trademarks and domain names associated with Mobilux" for an amount that is not disclosed, says the south african group.

In the framework of this operation, he continues, "Conforama France will receive new funding" in two times : will first of all be paid, at the signing of the agreement, "150 million euros from a loan guaranteed by the State (PGE) of 100 million euros and 50 million euros made by Mobilux". These funds will allow Conforama "to finalize its restructuring project and to support an ambitious recovery plan post Covid-19", underscores Steinhoff.

In April, a fall of 85 % of the activity of the distribution of home furnishings

Then, at the closing of the transaction, "Conforama France will have a second EMP of 200 million euros and a capital increase of € 200 million underwritten by Mobilux (of which 50 million euros received in the signature), further specifies the press release. This loan was one of the conditions necessary for this recovery, which was preferred by the trade unions of the sign.

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"The company will again be able to hope for a recovery worthy of the name, without having to arbitrate priorities in the light of the delay of payments to its suppliers and to be able to meet the expectations of its customers remained loyal despite the very challenging economic context that Conforama was crossing," hopes the CGT in a press release.

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in The month of April, with the closing of the stores, the activity of the distribution of home furnishings has dropped to 84.9 %, depending on the indicator of economic situation of the Institute of forecasting and studies of the furniture (Ipea), after having already been in decline from 51.6 % in march.