The oldest French footwear factory is in danger of closing forever. In fact, Compagnie Vosgienne de la Chaussure (CVC), headquartered in Champigneulles, is going south. On July Tuesday 31 the Court of Commerce, in Nancy, will carefully assess the financial situation of the company. Two days ago, Board of Directors announced the suspension of wages for their employees (130 in total). On top of that, work deliveries will apparently go till September 15: nothing more then. As reported by France Bleu, a French radio network, a group of corporate representatives had warned CVC’s management, while highlighting production low levels, serious financial losses (500,000 euros every month) and lack of business strategies to improve the overall situation. Vivarte group was the owner of the company, founded in 1896. Then, in December 2016, HIK (Hanse Industriekapital), a German investment fund, bought it out, aiming to revamp the business through a three-year plan. “They did nothing though: they did not purchase any brand nor developed any high-end projects, contrary to their pledge”, pointed out Francisco Rodrigues, a representative of CGT trade union, while talking to L’Est Republicain portal. In October 2017, Compagnie Vosgienne de la Chaussure tried to buy out JB Martin brand, but the Commercial Court of Paris rejected their petition.
Once upon a time in France there worked Compagnie Vosgienne de la Chaussure. Now wages are frozen and orders go till September
