Insolvency news and archive

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...

Retail

Retail sector sees uptick in company insolvencies

RSM UK reports an increase in company insolvencies, particularly in the retail, leisure and hospitality sectors, according to the latest data from the Insolvency Service. Over the 12 months ending in Q3 2023, these consumer-facing industries have witnessed a surge in insolvency rates, with wholesale and retail seeing a significant jump of 52...

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UK companies face insolvency after two years of financial stress

Two years of trading anxiety, financial stress and post-pandemic uncertainty has left many British businesses, including retailers and fashion companies, at a risk of insolvency. Many companies took out loans when their companies were forced to close during Covid-19 restrictions and lockdowns, but are struggling to repay debts. A report by...