{"id":37956,"date":"2019-03-19T08:26:24","date_gmt":"2019-03-19T07:26:24","guid":{"rendered":"http:\/\/modern-wilderness.flywheelsites.com\/?p=37956"},"modified":"2019-03-19T08:26:28","modified_gmt":"2019-03-19T07:26:28","slug":"majencia-filed-for-suspension-of-payment","status":"publish","type":"post","link":"https:\/\/officerepublic.news\/en\/2019\/03\/majencia-filed-for-suspension-of-payment\/","title":{"rendered":"Majencia filed for suspension of payment"},"content":{"rendered":"\n<p><strong>In December last year, Vincent Gruau from the French office furniture manufacturer Majencia filed for suspension of payment explaining that the cash flow problems were the result of slow payments by their customers. Last summer, in excess of \u20ac 25 million was owing to them of which more than \u20ac 14 million was overdue.<\/strong><\/p>\n\n\n\n<p>Majencia has taken action against its largest customers to recover \u20ac 6 million. However, according to Gruau, payment arrears continued to increase, making it necessary to apply for suspension to reduce the pressure on the company.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Suppliers demanded direct payment<\/h3>\n\n\n\n<p>The problems had already started a year before when in 2017 Majencia lost money and the company had to restructure its operations with the assistance of CIRI, the French Commission for Industrial Restructuring. Although the CIRI normally work confidentially, the procedure became public last year. According to Gruau this was the reason that credit insurers cut suppliers\u2019 credit cover on the company and suppliers demanded direct payment, which, in combination with payment arrears, rapidly worsened the situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Factory closure, focus on rationalization and the project market<\/h3>\n\n\n\n<p>To help the situation, two factories (in Angers and Chartres) with a total of fifty employees were closed. In addition, another production location of the company in Guise was sold. As a result of the sale and closures, just two production sites will remain and the company is planning a future based on half of the current turnover of \u20ac 110 million. Gruau will present a plan for the future of Majencia in April. He already admits that the company &#8220;m<em>ust concentrate on a dozen large clients instead of the current fifty with many diffuse projects. The portfolio of the company will be rationalized, and Majencia will focus on the project market.<\/em>&#8220;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In December last year, Vincent Gruau from the French office furniture manufacturer Majencia filed for suspension of payment explaining that the cash flow problems were the result of slow payments by their customers. Last summer, in excess of \u20ac 25 million was owing to them of which more than \u20ac 14 million was overdue. Majencia&hellip;<\/p>\n","protected":false},"author":3,"featured_media":31164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[3101,3091,5312],"tags":[5065],"jetpack_publicize_connections":[],"acf":{"app_afbeelding":false,"app_titel":"Majencia filed for suspension of payment","app_article":"<p><!-- wp:paragraph --><\/p>\n<p><strong>In December last year, Vincent Gruau from the French office furniture manufacturer Majencia filed for suspension of payment explaining that the cash flow problems were the result of slow payments by their customers. Last summer, in excess of \u20ac 25 million was owing to them of which more than \u20ac 14 million was overdue.<\/strong><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Majencia has taken action against its largest customers to recover \u20ac 6 million. However, according to Gruau, payment arrears continued to increase, making it necessary to apply for suspension to reduce the pressure on the company.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n","app_link_title":"","app_link_url":"","app_display":"Ja","bedrijfsnaam":"","related_profiles":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.5.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Majencia filed for suspension of payment | OfficeRepublic<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/officerepublic.news\/en\/2019\/03\/majencia-filed-for-suspension-of-payment\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Majencia filed for suspension of payment | OfficeRepublic\" \/>\n<meta property=\"og:description\" content=\"In December last year, Vincent Gruau from the French office furniture manufacturer Majencia filed for suspension of payment explaining that the cash flow problems were the result of slow payments by their customers. Last summer, in excess of \u20ac 25 million was owing to them of which more than \u20ac 14 million was overdue. Majencia&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/officerepublic.news\/en\/2019\/03\/majencia-filed-for-suspension-of-payment\/\" \/>\n<meta property=\"og:site_name\" content=\"OfficeRepublic\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/officerepublic\/\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-19T07:26:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-19T07:26:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/officerepublic.news\/wp-content\/uploads\/2018\/05\/Majencia-Sanofi.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Frans Sijtsma\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/or__nl\" \/>\n<meta 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