<aside> 👉🏻 SUMMARY :
Judicial reorganization procedure : Understanding the Situation Impact on Sellers Sales Pending Payout Contacts and Support
Frequent questions on le Seller Space : Service Fees Compliance Consignment Payment Quality and Authenticity Checks Shipping a Product Selling a Product
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<aside> 1️⃣ Understanding the Situation
<aside> 💡 What is judicial reorganization and how does it work?
Judicial reorganization is a legal procedure in France that allows a financially troubled company to continue its operations while attempting to restore its economic situation.
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Here are the main characteristics of this procedure:
The goal of judicial reorganization is to enable the company to recover financially, avoid liquidation, and preserve as much as possible its operations, employees, and ability to repay creditors.
What specific challenges are being faced?**
Wethenew is going through a difficult period due to several significant challenges. We have been severely impacted by fluctuations in the limited-edition sneaker market, which has experienced an end to hypergrowth and a marked decrease in demand. These changes, combined with the difficulties faced by other major players in the sector, have deeply affected our economic model.
In response to this situation, we have requested to be placed in judicial reorganization. This procedure aims to restore our financial balance and seek potential buyers to ensure the sustainability of our company.
The judicial reorganization grants Wethenew a six-month observation period. During this time, our priority is to restore our financial situation while continuing our activities.
We are working closely with the court-appointed administrator to identify all outstanding debts, including those owed to our sellers. This process is essential for us to structure a recovery or sale plan.
Throughout this period, we are continuing our operations: we are still buying and selling products, as well as shipping orders every day. We are doing everything possible to ensure continuity in our services and maintain our operations under the supervision of the judicial administrator.
Does this mean that Wethenew is bankrupt?**
Judicial reorganization and liquidation are two distinct procedures. Liquidation involves the permanent cessation of the company’s activities, with the sale of its assets to repay creditors, marking the end of the company.
In contrast, judicial reorganization is a procedure that allows the company to continue its operations while reorganizing to avoid bankruptcy. It gives the company the opportunity to restructure and reduce its costs while maintaining its activities, with the aim of eventually finding a buyer or implementing a continuation plan.
For Wethenew, being in judicial reorganization means we still have the possibility to continue our operations. We understand sellers’ concerns regarding payouts, and we are actively working with the court-appointed administrator to identify all claims. Our goal is to continue operating, and to receive, authenticate, and ship all orders placed on Wethenew.
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<aside> 2️⃣ Impact on Sellers
During the judicial reorganization procedure, all debts incurred before August 6, 2024, including payouts related to sales already completed but not yet settled, are prohibited from being paid during the course of the procedure. We are fully aware of the impact this situation has on our partner resellers and take full responsibility for it.
Currently, we are working closely with the court-appointed administrator to list all claims and provide them with the necessary information.
In the coming days, you will receive correspondence from the judicial representative containing identification details, as well as an email from Wethenew with all the information needed to confirm your claim online on the judicial representative's website.
For any other questions or concerns, please feel free to contact Wethenew at [email protected]. We are doing everything possible to manage this situation as transparently as possible.
During the judicial reorganization procedure, sales on The Seller Space can continue without interruption. Wethenew is not allowed to create new liabilities. Therefore, when you make a sale on The Seller Space, it will be paid within a maximum of one week after authentication.
During this period, you can still list your products on The Seller Space.
For sales made before August 6th, there are two scenarios to consider:
If you have unpaid sales: We are working with the court-appointed administrator from the Paris Court to identify all claims. In the coming days, you will receive correspondence from the judicial representative containing identification details, along with an email from Wethenew with all the necessary information to confirm your claim online on the judicial representative's website.
In the meantime, you can also continue to sell your products. Wethenew is not allowed to create new liabilities. Therefore, when you make a sale on The Seller Space, it will be paid within a maximum of one week after authentication.
If you do not have any unpaid sales: You can list your products on The Seller Space right away. If you make a sale from now on, it will be paid within a maximum of one week after authentication.
For any questions, we are available at [email protected].
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<aside> 3️⃣ Sales Pending Payout
We are working closely with the court-appointed administrator from the Paris Court to identify all claims and provide them with the necessary information. In the coming days, you will receive correspondence from the judicial representative containing identification details, along with an email from Wethenew with all the necessary information to confirm your claim online on the judicial representative's website.
For any other questions or concerns, please do not hesitate to contact Wethenew at [email protected].
Declaring your claim is a crucial step to assert your rights in the ongoing procedure. However, it does not guarantee payout. Your claim is officially recorded and acknowledged by the Paris Court, but the payout will depend on the progress of the procedure.
In the context of a continuation plan, claims may be repaid according to terms defined by the plan approved by the court. Repayout periods can extend over several years, depending on the financial situation of the company and agreements made with creditors.
In the event of a sale, the fate of claims will depend on the terms of the acquisition.
We are committed to keeping you informed about the progress of the procedure. For any questions or concerns, you can contact us at [email protected]. We remain available throughout this period.
We will soon send you an email outlining the steps to declare your claims. If you have any questions after receiving this email, you can contact us directly at [email protected]. We are available to provide the necessary support and are committed to addressing your concerns throughout this process.
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<aside> 4️⃣ Contacts and Support
If you have questions or need additional information about the procedure, you can contact the judicial administrator appointed by the court: Cabinet AXYME - https://www.axyme.fr/accueil.
To track the progress, regularly check the updates we will publish through our usual communication channels, such as emails and Le Seller Space. We will provide clear and regular information about the status of the recovery process. We will also update this FAQ to keep you informed of the latest developments.
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<aside> ⚠️ Some of this information is subject to change due to our current situation. Please consult the following article for the latest information and current conditions.
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<aside> ℹ️ Service Fees
Since the launch of the Seller Space, our mission has always been to offer the best possible service for the reception, authentication, storage, and shipment of your products. To maintain the quality of these services while ensuring free shipping for all your products, we are introducing new service fees of €2.5 per sale.
We will deduct €2.5 from your final sale amount. For example, if you accept an offer or consign a product for €100, you will receive €97.5.
No, the fees do not apply if your product does not pass the control.
Rest assured, any sale or consignment made before January 10 is not affected by this price update.
These fees are essential to continue developing the platform daily, ensuring constant improvements for your experience. They contribute to maintenance, innovation, and the continuous improvement of our platform.
We have also adjusted our rates regarding returns for non-compliant products. We know that most defects in your products are minor, so we have reduced the return fees from €15 to €12 per product.
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<aside> 🚨 Compliance
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