On December 26, Xinjiang La Chapelle Clothing Co., Ltd. issued an announcement on the progress and risk warning of the company's bankruptcy reorganization procedure on the Hong Kong Stock Exchange. The announcement revealed that the company was applied to the court for bankruptcy liquidation by creditors on the grounds that it could not pay off its due debts, and the Shanghai No. 3 Intermediate People's Court ruled to accept the case.
La Chapelle's official Weibo.
On May 24, 2023, the first meeting of creditors was held;On June 20, 2023, the company's administrator issued the "Announcement on the Pre-recruitment of Intended Investors in the Company's Bankruptcy Liquidation Case".
On August 29, 2023, the company submitted an application for reorganization to the Third Intermediate People's Court of Shanghai, and the court ruled that the company was reorganized, and the company's administrator issued the "Announcement on the Recruitment of Investors for the Reorganization of the Company's Bankruptcy Reorganization Case" on September 15.
At present, the company has entered the bankruptcy reorganization procedure. After the Third Intermediate People's Court of Shanghai rules to accept the bankruptcy reorganization of the company, if the administrator or the company fails to submit the draft reorganization plan on time, or the draft reorganization plan is not approved by the creditors' meeting or the shareholders' rights and interests adjustment plan is not approved by the shareholders' meeting, or the draft reorganization plan is not approved by the Third Intermediate People's Court of Shanghai, or the draft reorganization plan that has been approved by the Third Intermediate People's Court of Shanghai is not approved, the company will be ruled by the Third Intermediate People's Court of Shanghai to terminate the reorganization procedure and declare bankruptcy.
After the bankruptcy is declared, the administrator will carry out the liquidation of the company in accordance with the law, go through the cancellation of registration with the company's registration authority, and the shareholders' rights and interests will be zero.
The transfer of the company's domestic shares** will be suspended from February 6, 2023 after the listing of the two network companies and the delisted companies section managed by the National Equities Exchange and Quotations Co., Ltd. Trading in the Company's shares has been suspended on the Stock Exchange of Hong Kong at 9 a.m. on 7 February 2023*** and will remain suspended.
It is reported that La Chapelle announced on December 11 that the industrial real estate and office and electronic equipment held by the company's former wholly-owned subsidiary, Shanghai Weile, located at No. 58 Tanzhu Road, Minhang District, Shanghai, China, will be auctioned on the **wang judicial auction network platform from 10 a.m. on January 23, 2024 to 10 a.m. on January 24, 2024 (except for delays).
La Chapelle brand was founded in 1998, listed on the Hong Kong Stock Exchange in 2014, and landed on the main board of the Shanghai Stock Exchange in 2017, becoming the first "A+H share" listed clothing company in China. At its peak, La Chapelle approached 10,000 directly-operated stores nationwide. It was a memory of the youth of many post-girls.
According to a 2017 research report by Tianfeng**, La Chapelle's market share ranks third in the country, accounting for 5%, and because the top two are international brands, La Chapelle actually ranks first among domestic clothing brands.
In the prospectus for listing on the Shanghai Stock Exchange in 2017, La Chapelle indicated that it had raised 16400 million yuan, of which 15$600 million will be used for the expansion of the retail network. In the next three years, it will expand about 3,000 directly-operated outlets on the basis of the existing 7,147 retail outlets. In other words, La Chapelle plans to exceed 10,000 stores in 2020.
But since 2018, La Chapelle has been mired in a swamp of losses. According to the financial report data, La Chapelle's operating income in 2018 was 1017.6 billion yuan, down 258%, recording a loss for the first time in the year, with a total loss of 15.6 billion yuan. The following year, the loss widened further to 216.6 billion yuan.
On July 1, 2020, due to the negative audited net profit attributable to shareholders of the listed company for two consecutive fiscal years, La Chapelle's A-shares** were put on delisting risk alert with immediate effect.
On July 10, 2020, La Chapelle received the Notice of Judicial Freezing and Judicial Transfer of Equity, and the company** held by Xing Jiaxing, the actual controller, and Shanghai Hexia Investment, the person acting in concert, was judicially frozen. In August of the same year, La Chapelle was listed by the court as a dishonest enterprise subject to execution.
On the evening of January 11, 2021, La Chapelle announced that Chairman Duan Xuefeng resigned for personal reasons, and the fourth board of directors elected Zhang Ying as the chairman of the company. Zhang Ying has successively served as La Chapelle's designer, deputy brand director, brand director, general manager of the brand department, general manager of the business department, and vice president.
In November 2021, La Chapelle announced that the company had filed for bankruptcy liquidation due to insolvency.
On May 24, 2022, La Chapelle's delisting period has ended and it has been delisted by the Shanghai Stock ExchangeIn June 2023, it will be officially liquidated. According to **, there were only about 200 stores left at that time.
In September 2023, La Chapelle announced on the Hong Kong Stock Exchange that the company had entered the bankruptcy reorganization procedure, and the company and relevant parties actively cooperated with the administrator to promote the bankruptcy reorganization work in an orderly manner. (Xiaoxiang Morning News Comprehensive).
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