Bata France to be acquired by former boss, Etam and Go Sport
The Commercial court of Nanterre has selected the buyers for shoe retailer Bata France, the local division of the Canadian retail group, French daily Le Figaro reported. The report said that the buyers are a group of bidders including Bata France former boss François Le Menaheze, and French apparel groups Etam and Courir. The report cited Le Menahèze as confirming the news.
Etam is taking over six shops and 32 staff, Courir 18 shops and 74 staff, and Le Menaheze 72 shops and 388 staff. The report noted that the business plan presented by Le Menahèze includes a EUR 10m loan form the Bata group itself, a loan that could be converted into shares after a period a five years giving the group control of the unit.
The report also quoted two lawyers for one of the bidders as saying that the loan from Bata to one of the winning buyers did not align with French law on collective procedural matters, adding that they would appeal the decision.
Le Figaro