A German shoe retailer is insolvent: the closure of many branches is announced
At the end of October, the restructuring proceedings before the Hamburg District Court were opened as planned, the company recently announced. According to the announcement, this proves that “the restructuring that has begun has been successful so far and is supported by the insolvency court”.
In order to be able to position itself for the future, several “unprofitable branches” will probably have to close. We are currently in talks with the owners about this. In many branches where a reduction in rents could not be obtained, the contracts have already been terminated, which also affects employees.
The group has not yet announced the number of sites concerned.