PARIS — Rocked by the sluggish global economy and cash-flow difficulties, French leather goods firm Sequoia has filed the French equivalent of Chapter 11 bankruptcy protection with the commercial court in Nanterre, France.
The family-owned, Levallois-based firm, which counts 95 employees, has been given until the end of September to present takeover candidates to the court.
Daniel Sisso, Sequoia’s president, told WWD he had a potential investor in view and feels “reasonably” confident about being able to get the company back on track.
Sisso, a former L’Oréal marketing executive, founded Sequoia with his wife, Florence, in 1988. Pierre Hardy is the longtime creative director of the brand, which uses distinctive silver ring hardware as its signature.
Citing a tough year, Sisso declined to disclose revenues for 2011. Sequoia generated 17.5 million euros in sales in 2010, or about $23.1 million at current exchange rates for the period, posting a net loss of around 600,000 euros, or about $790,000, versus 2009, he said.
Counting around 1,500 wholesale doors internationally, the brand owns seven standalone stores in France, including three outlet stores, and one in Belgium.
Sequoia also counts three franchise stores in France and around 10 units with partners abroad.