Insolvency news and archive

Corporate insolvencies in Western Europe reach record high

Berlin - The economic crisis is having serious, and for many, existential consequences for companies in Western Europe. According to the credit agency Creditreform, the number of corporate insolvencies rose last year to its highest level since records began in 2002. In 2025, a total of 197,610 insolvencies were recorded, an increase of 4.8...

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Fresh start with 36 stores: Pepco Germany ends insolvency proceedings

Last summer, the German subsidiary of retailer Pepco NV filed for insolvency. Following a comprehensive restructuring that included significant cuts to its store network, the discounter is now set for a fresh start in the country. The self-administered insolvency proceedings for Pepco Germany GmbH, which began on October 1, will end on February...

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German womenswear brand Les Lunes is insolvent

Sustainably-focused womenswear brand Les Lunes is insolvent. Les Lunes GmbH has filed for self-administration proceedings at the relevant district court in Charlottenburg, the Berlin-based company announced on Friday. The application has been accepted and the preliminary self-administration confirmed. Lawyer Torsten Martini from the law firm Gö...

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Pepco to close 28 stores in Germany

Following the insolvency filing of the discounter Pepco's German subsidiary in July, the restructuring plan for Pepco Germany GmbH was presented on Tuesday. The plan involves significant cuts to its store network. Pepco Germany to close 28 stores In recent weeks, the management has undertaken “an extensive analysis of the store network in...

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Dieter Holzer appointed new CEO of Closed following acquisition

It was announced a few days ago that the insolvent Hamburg-based fashion company Closed has found new owners. During a press conference on Monday, the parties involved revealed initial details about the brand's future. The purchase price, however, was not disclosed. Dieter Holzer will take over the management of the company as CEO and...

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Successful investor search: insolvent fashion brand Closed has new owners

The insolvent German fashion brand Closed has been saved for now. On Thursday, the company announced the successful conclusion of its investor search, which began almost two months ago. The new owners of Closed are the Böck entrepreneurial family and experienced fashion manager Dieter Holzer. The Böck family owns the clothing company Marc O’Polo...

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Blanche Copenhagen faces closure after insolvency

Danish womenswear brand Blanche Copenhagen appears to be on the brink of closure. After the company had to file for insolvency in June, the journey has come to an end for Bjørn Krøyer. Krøyer joined as an investor two years ago and then took over the management of the company. The CEO announced the closure on Thursday on the career network...

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Pepco Germany enters self-administration proceedings

The German subsidiary of the discounter Pepco Group is insolvent. Pepco Germany GmbH filed for self-administration proceedings on July 21 with the Berlin-Charlottenburg Local Court, the retailer announced on Wednesday. The court then ordered provisional self-administration, the so-called protective shield proceedings, and appointed Gordon Geiser...

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Esprit 2024 financial results: Focus shifts to licensing after losses

Clothing retailer Esprit Holdings Ltd. released its final results for the 2024 financial year on Monday evening, after a considerable delay. The figures were affected by the ongoing insolvency proceedings of almost all international subsidiaries and the resulting one-off effects. As part of the restructuring efforts and a shift in the business...

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Insolvency wave at gerry weber: Austrian subsidiary declared insolvent

Following insolvencies in Germany, Belgium and the Netherlands, insolvency proceedings have now also been opened for Gerry Weber in Austria. As announced on Friday by the Alpenländische Kreditorenverband (AKV), corresponding proceedings were initiated at the Commercial Court of Vienna regarding the assets of Gerry Weber Vertriebs GmbH. At the...

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Latest insolvency data masks mounting pressures on UK retail sector

The apparent stability in UK retail insolvencies masks a potential crisis for the sector, as rising labour costs and endemic shoplifting threaten to push more fashion retailers towards restructuring in early 2025, industry experts warn. Data released today shows retail trade insolvencies remained virtually unchanged, with 2,089 businesses...

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Restructuring plan of Signa Holding GmbH deflects into bankruptcy

Signa Holding GmbH, long-time co-owner of the Selfridges Group, is turning its insolvency proceedings into bankruptcy, the company announced in a press release. The restructuring plan is thus withdrawn. What the bankruptcy means for Belgian department store Inno is not yet known. The focus of the restructuring plan was mainly on the value-based...