Strenesse files for bankruptcy again

It has come to light that German fashion brand The Strenesse New GmbH has filed for an order of temporary self-administration with the local court of Bavarian city Nördlingen already on June 26, 2019. “This procedure allows a smooth continuation of the business. … [and] offers the opportunity for realignment of the company’s operational structures,” said Strenesse in a press release dated June 27.

“The self-administration gives us the opportunity to adjust the burdens and obligations taken over from the past,” explained managing director Micaela Sabatier as the operating and sales structures taken over from the former Strenesse AG have proved to be only partially adaptable.

The company stresses that it has developed positively over the past few months and is well on its way of reinforcing its international premium brand. “Operational processes as well as the company’s structure have been reshaped and are already showing significant gains in terms of efficiency,” it said.

Specifically, the product line and design language have been considerably improved, the brand DNA further developed and modernized. Strenesse speaks of an “innovative touch in the new collection” that would be visible in the market from October onwards and refers to the “Iconic” and the spring/summer collection for first impressions. Collection development, production and deliveries would continue smoothly without any interruption design and quality standards remain high, assures the company.

As part of an efficiency and digitization project, the IT infrastructure, warehouse logistics and product development have been fundamentally redesigned step-by-step. The relaunch of the online store in mid-May also opens up new international sales structures for Strenesse New GmbH.

Sabatier will continue to be responsible for the company’s operations and is supported in the management by Dr. Hubert Ampferl and Dr. Beck with law firm Beck & Kollegen, a restructuring expert who is responsible for implementing the reorganization. The provisional administrator will be renowned lawyer Prof. Dr. Martin Hörmann of Anchor law firm, Augsburg, who is experienced in self-administration proceedings.

These are not new for Strenesse, as the company had to declare bankruptcy already in 2014. In late 2016, the company was then relaunched as Strenesse New GmbH. Swiss trust company H2P AG held 90 percent of the company shares while ten percent belonged to the former Porsche Design managing director Jürgen Gessler, who also took over the management of Strenesse in 2017 and left in May 2018 when the restructuring was considered successfully completed.

Photo: Strenesse website