Airess under receivership

On November 5 the Tribunal de commerce (the French institute with jurisdiction over all commercial litigation) has decided to place Airess under "redressement judiciare', a bankruptcy procedure by which a company that is no longer able to meet its debts is required to follow a "de redressement" plan to be implemented under the control of a receiver and a representative for the creditors.

The news was published on the French website, Acuité, in the report of the communication received from Airess itself and in which the company declares: 'With the signing of the Jean Paul Gaultier license contract, the Airess group has once again demonstrated the soundness of its organization and the expertise of its team'.

'We have closed the various European administration and logistics centers to create a central office in Lyons, we have also closed the industrial facilities at Morez. The last ten years of multiple reorganization have required the group to make considerable financial investments; these have been added to by economic phenomena which have slowed down commercial activities aimed at exports. At Silmo we were confident, a new investor was to have shouldered part of the debts, but only one of the banks gave its approval. The only solution was to place the company under receivership for 6 months, with the aim of putting the accounts in order and providing the company with continuity. The investor, an industrialist from Lyons (not part of the eyewear sector), will make a capital investment of 5 million euros. It is for this reason we have confidence in the future.'

Established in 1950, Airess employs 600 people worldwide and in 2002 its turnover totaled 64.5 million euros. Personnel were present at the Courts yesterday and it appears that they have declared their support for the management, undertaking to tackle the situation together with the company.