Caroline Neron To Close Her Nine Stores, Intends to Expand Her Stores On Internet

By  //  March 27, 2019

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Most of you know might already know Caroline Neron, the stunning lady as an actress, singer and a fashion designer. She has done a number of roles on television as well as in the films. She is known for her work in Eternal, Ice Cold and Cover Me.

She was also nominated as the “Best Performance by an Actress in a Continuing Leading Dramatic Role” prize in the 2000 Gemini Awards for her role in Cover Girl. She also released her two albums: Caroline Neron (2003), Reprogramme (2007) and Le Destin (2010).

Along with that, she also started her own jewelry line with unique and versatile designs. She made her mark in the fashion industry which also won her the prestigious “Entrepreneur of the Year” Award at the 12th Businesswoman of Quebec Awards Program in 2012.

Most of us also know her as the celeb jewel queen. She announced the restructuring of her business on Thursday, January 10, 2019.

News has it that she is closing nine of her stores and is filing for bankruptcy protection. Out of the 152 employees at the outlets and head offices, 64 will lose their jobs. That’s quite a number! It came as a shock to some. Many are speculating about this sudden announcement. 

The official statement released on Thursday stated that she proposes to annul the business’s commercial leases so as to adapt to the changes in the retail business sector. She believes restructuring is necessary for the business to survive in the long run.

Considering her situation, this might be a smart move by Neron. 2018 has been a tough year for Neron financially. Neron started her company with an initial investment of $80,000.

Under her, the company increased its value to a $10 million enterprise. That’s an effort to applaud. However, her recent announcement indicates that all’s not well with her finances. 

The collection under her name founded in 2004 which includes jewelry for both, women and men, accessories, cosmetics and perfume. She translates her designs into forms with renowned materials such as genuine leather, crystals from Swarovski and semi-precious stones.

It has an international presence which Caroline claims to preserve. Caroline plans on the closing of her operational nine stores out of the fourteen. Although Caroline Neron is a Quebec based company, this won’t stop Caroline from expanding its distribution all over Canada.

Even after closing her ninth stores, Neron still intends to expand her stores internationally with the help of the internet.

Is it possible that she reached her peak when she was the head entrepreneur at the Canadian- French show, Dans L’oeil du Dragan? She started giving business pieces of advice on the famous show; this may have led to the downfall or was it just fate? Who are we to say?

Whether this be the reason or not but one thing is for sure, her position on the show is a big question for now. Whether she deserved it or not?

The previously envied figure, Neron, is now a subject of criticism on her decision to close down her stores. One such criticism was voiced by Micheal Nadeau, the head of the think tank on the governance of public and private companies.

He is quoted to say, “It is one of the rare companies, in the jewelry and craft and artisanal industry that succeeded in imposing a brand in the industry. She was present on the television and the radio”.

Many others criticize that Neron expanded her business too rapidly. She invested a lot in retail and small boutiques in commercial areas with too high rents. These decisions exhausted her resources and brought her to the brink of bankruptcy. 

Another entrepreneur, Lambert one of the founders of Aheeva Technology Inc. has also voiced criticism towards Neron’s latest decision.

He said that this story is a lesson for all the entrepreneurs who rather than focusing on their company, do anything and everything to shine like a star. Lambert believes that Neron should have focused her energies on building a strong business model, rather than investing on creating a show. 

Caroline’s decision might have been a smart move. She took a bold step after analyzing her own position. Rather than going into debt and having to face legal implications, she got out.

Many entrepreneurs have found themselves in similar situations and do nothing. Often the end result is a poor credit score and big debts.

If you are suffering from a similar situation, read this:

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