Michel Ohayon Indicted for Bankruptcy and Fraud Amid Retail Sector Crisis
The Bordeaux businessman faces legal challenges over allegations of financial misconduct affecting several high-profile retail brands.
Michel Ohayon, a prominent Bordeaux-based businessman, has been indicted in Paris on charges of bankruptcy, abuse of corporate assets, and organized fraud.
Prosecutors allege that he misappropriated funds from struggling retail brands including Go Sport, Gap France, and Camaïeu, accusations which he vehemently denies.
The indictment, announced on April 7, 2025, follows extensive investigations by the Paris prosecutor's office.
Ohayon has been placed under judicial control, prohibiting him from managing any companies and requiring a bail payment of €500,000.
According to his lawyer, Me Olivier Pardo, Ohayon has invested over €68 million of his personal fortune into these brands, claiming he has suffered financial loss while attempting to save a retail sector currently facing unprecedented challenges in France.
Pardo suggests that the allegations misinterpret how a corporate group operates and expresses confidence about demonstrating the responsibilities of various parties involved.
In addition to Ohayon, his wife has also been indicted in relation to the case.
Other individuals detained during the investigation have been released without charges for the time being.
Prosecutors revealed that significant withdrawals from the cash resources of several companies under Ohayon's control took place without adequate economic or legal justification, particularly during financially strained periods for these firms.
The investigative authorities estimate that more than €50 million was involved in the alleged infractions, which had been hidden through dubious accounting practices.
Financial challenges have beset several brands that Ohayon acquired over recent years, most notably highlighted by the liquidation of Camaïeu in September 2022, resulting in the loss of 2,600 jobs.
Following financial difficulties, Gap France and Go Sport were also placed under judicial administration soon thereafter.
Ohayon's holding company, Financière Immobilière Bordelaise (FIB), reported having €500 million in liabilities as of 2023.
In recent months, the retail landscape has experienced a significant downturn, with multiple bankruptcies reported since the onset of the COVID-19 pandemic.
Subsequently, rival firms have taken over the assets of the failed brands at commercial court hearings, with Camaïeu being acquired by the group Celio.
Ohayon retained only a small number of Galeries Lafayette stores following this upheaval.
The Paris prosecutor's office indicated that the judicial review processes initiated for Camaïeu, Gap, and Go Sport were influenced by the alleged suspicious cash withdrawals attributed to Ohayon's management.
Accusations against him include misappropriation of funds for personal gain and favoritism towards companies in which he had vested interests.
Specific instances cited include the reported transfer of €36.5 million from Go Sport to his company Hermione People and Brands (HPB), contributing to the former's financial collapse, and the misuse of Camaïeu's cash reserves, amounting to €41.3 million within just one month in 2021.
As the legal proceedings unfold, over 300 former Camaïeu employees have initiated civil liability actions against several companies connected to Ohayon, including FIB and HPB, in light of their financial losses.
Prosecutors allege that he misappropriated funds from struggling retail brands including Go Sport, Gap France, and Camaïeu, accusations which he vehemently denies.
The indictment, announced on April 7, 2025, follows extensive investigations by the Paris prosecutor's office.
Ohayon has been placed under judicial control, prohibiting him from managing any companies and requiring a bail payment of €500,000.
According to his lawyer, Me Olivier Pardo, Ohayon has invested over €68 million of his personal fortune into these brands, claiming he has suffered financial loss while attempting to save a retail sector currently facing unprecedented challenges in France.
Pardo suggests that the allegations misinterpret how a corporate group operates and expresses confidence about demonstrating the responsibilities of various parties involved.
In addition to Ohayon, his wife has also been indicted in relation to the case.
Other individuals detained during the investigation have been released without charges for the time being.
Prosecutors revealed that significant withdrawals from the cash resources of several companies under Ohayon's control took place without adequate economic or legal justification, particularly during financially strained periods for these firms.
The investigative authorities estimate that more than €50 million was involved in the alleged infractions, which had been hidden through dubious accounting practices.
Financial challenges have beset several brands that Ohayon acquired over recent years, most notably highlighted by the liquidation of Camaïeu in September 2022, resulting in the loss of 2,600 jobs.
Following financial difficulties, Gap France and Go Sport were also placed under judicial administration soon thereafter.
Ohayon's holding company, Financière Immobilière Bordelaise (FIB), reported having €500 million in liabilities as of 2023.
In recent months, the retail landscape has experienced a significant downturn, with multiple bankruptcies reported since the onset of the COVID-19 pandemic.
Subsequently, rival firms have taken over the assets of the failed brands at commercial court hearings, with Camaïeu being acquired by the group Celio.
Ohayon retained only a small number of Galeries Lafayette stores following this upheaval.
The Paris prosecutor's office indicated that the judicial review processes initiated for Camaïeu, Gap, and Go Sport were influenced by the alleged suspicious cash withdrawals attributed to Ohayon's management.
Accusations against him include misappropriation of funds for personal gain and favoritism towards companies in which he had vested interests.
Specific instances cited include the reported transfer of €36.5 million from Go Sport to his company Hermione People and Brands (HPB), contributing to the former's financial collapse, and the misuse of Camaïeu's cash reserves, amounting to €41.3 million within just one month in 2021.
As the legal proceedings unfold, over 300 former Camaïeu employees have initiated civil liability actions against several companies connected to Ohayon, including FIB and HPB, in light of their financial losses.
