Maisons du Monde: Current Shareholders Diluted to Less Than 5% of Capital
Maisons du Monde has signed a conciliation agreement with a consortium of investors (Alteri Investors and Eicos Investment Group) to completely restructure its bank debt. The operation, subject to court approval, involves a drastic dilution of existing capital: current shareholders will hold a maximum of 4.78% of the company after restructuring, compared to about 95.2% for the consortium.
Agreement Signed Under Conciliation Procedure
Maisons du Monde has finalized negotiations with its bank creditors and a consortium of investors. The agreement, signed under the auspices of conciliators in accordance with the conciliation procedure, requires validation by the specialized commercial court of Nantes to take effect. The consortium will inject €33 million in bond financing and will purchase a minimum of €12.7 million of claims from non-participating banks. Participating banks agree to reinstate €40.8 million of claims in exchange for new financing commitments amounting to €15 million in the form of letters of credit and bank guarantees, with the maintenance of existing guarantees of about €9.1 million for an initial period of two years.
Conversion of €210.8 Million of Debt into Capital
The consortium will convert €210.8 million of existing bank debt into capital through a reserved capital increase. This conversion, carried out at 7 cents on the euro for claims from non-participating banks and at the nominal value of €1 for the non-reinstated portion of participating banks' claims, will lead to a radical dilution. The shares will be issued at €0.28 per share, representing a discount of 36% compared to the closing price on June 15, 2026. Three main shareholders, representing 63.5% of voting rights, have committed to support the resolutions related to the restructuring. After the capital increase, scheduled for July or September 2026 at the latest, the consortium will own approximately 95.2% of the capital and 95.3% of the voting rights, while existing shareholders will drop to a maximum of 4.78%.
Losses of €406 Million in 2025 and Lack of Outlook
Maisons du Monde reported a net result of -€406 million for the year 2025, dominated by non-monetary impairments of €296 million (€246 million of goodwill and €50 million on the brand) and exceptional charges of €74.7 million (including €52 million related to the optimization of the logistics network). The 2025 revenue amounted to €947.3 million, down 5.4% in absolute terms and 4.7% on a comparable basis. The free cash flow reached -€54.8 million compared to +€15.2 million in 2024. The net debt excluding IFRS 16 stood at €157.7 million as of December 31, 2025, up €73 million from December 2024. Due to uncertainty regarding the going concern principle, the group does not provide financial outlook.
