After her bankruptcy, the women's fashion manufacturer Gerry Weber announced that she would close around 120 shops and sales areas in Germany. The company had agreed on this with the employee representatives, the company said. This also means the loss of 454 jobs.
According to the communication, the measures are expected to be implemented by the planned completion of the corporate restructuring in late 2021. Social plans should be drawn up for the employees concerned, which would include severance payments or, if necessary, job transfers.
The group had filed for self-administered bankruptcy in January. In addition to the measures now announced in Germany, Gerry Weber is pushing ahead with the previously announced closure of around 180 sales areas, which will involve further job cuts.
Read here: Interview with company founder Gerhard Weber
In February Gerry Weber announced that he had found an investor for his daughter Hallhuber. The latter had promised bridge financing in the amount of ten million euros and had a purchase option.
If the investor pulls the agreed purchase option for Hallhuber, Gerry Weber can choose, according to the announcement: either the company will hold a 14 percent stake in Hallhuber or Gerry Weber will sell two percent of his shares for EUR 500,000. However, the purchase option for Hallhuber can only be drawn after fulfillment of various conditions that are expected to exist in May 2019.
