French apparel retailer Mim has announced on Friday that its request for receivership has been approved. The retailer is struggling financially, suffering from the bleak situation in the apparel business.

"Given the troubled business environment in the French apparel market, notably caused by unfavourable weather conditions and the recent terrorist attacks," Mim's management "has taken the decision of placing the company under the protection of the trade courts, in order to seek a solution for safeguarding jobs and relaunching the business," the group has stated in a press release.

On Wednesday, the trade court in Bobigny, France, has approved the request and the company has gone into receivership.

Mim is a budget fashion retailer, currently employing a staff of 1,550 and operating 340 stores, of which 260 directly owned. Its annual revenue is estimated in the region of €180 million.

Since the end of 2014, Mim is controlled by Hong Kong group Main Asia.