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Tom Tailor branch in Hamburg (2017): Takeover by Fosun
Photo: Christian Charisius / DPA
Tom Tailor was already in crisis before Corona - the pandemic-related restrictions in retail and interrupted supply chains then put the Hamburg fashion chain even more disturbed.
Tom Tailor has now been sold to the Chinese conglomerate Fosun.
"The sale of Tom Tailor GmbH by the company to affiliated companies of Fosun International Limited was completed today," announced Tom Tailor Holding SE on Thursday.
When asked, the company initially did not answer what this means for the approximately 3,400 employees and the 453 Tom Tailor branches.
The parent company Tom Tailor Holding SE filed for bankruptcy in June because the subsidiary Bonita was threatened with insolvency.
Tom Tailor GmbH was not affected by this, also because the federal government and the states of Hamburg and North Rhine-Westphalia had promised a guarantee of 100 million euros.
The secured financing has a term until the end of September 2024.
The sale to Fosun that has now taken place corresponds to the model agreed between the federal and state guarantors for the maintenance of the company, the Hamburg tax authority announced on request.
An essential condition of the assumption of a guarantee for the greater entrepreneurial responsibility of the Chinese main shareholder, which the credit commission made the basis of its decision in June, will be met.
In September 2019, according to Tom Tailor, the Fosun Group already held 77.83 percent of the shares in Tom Tailor Holding SE and has been involved in the fashion company since 2014.
In addition to the guarantee from the federal and state governments, the banks had also basically agreed to extend all credit lines with a total volume of 355 million euros at largely unchanged conditions.
In addition, Fosun extended the term of a loan granted to Tom Tailor GmbH in the amount of 28.5 million euros until the end of 2024.
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fdi / dpa