French clothing webshop 3?Suisses has applied for and been granted protection against creditors in a move that, for once, seems to have nothing to do with the current coronavirus crisis.
Not due to lockdown
3?Suisses is now able to benefit from protection against creditors in order to allow for a reshuffling of its historic debt of ten million euros, originating from the webshop's former owners and taken over by ShopInvest upon its acquisition of 3?Suisses a year and a half ago.
"The coronavirus crisis is not the cause", ShopInvest's Karine Schrenzel says: on the contrary, 3?Suisses claims to have experienced strong growth while physical stores were forced to close. After the announcement of the lockdown, a slowdown in activity occurred in the last two weeks of March, but e-commerce seems to have picked up again very quickly in April.
The e-commerce business is profitable and is still backed by its suppliers, Schrenzel adds: the company filed for debt protection not to have its debts cancelled, but merely as a way to renegotiate the terms and to defer repayment, the ShopInvest CEO tries to reassure creditors.