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"Corona left us no choice": Popular fashion chain is broke

2021-01-11T08:13:57.709Z

The corona pandemic is putting many textile retailers under massive pressure. Now Adler Modemärkte AG has been hit. The company with its 3350 employees has to file for bankruptcy.



The corona pandemic is putting many textile retailers under massive pressure.

Now Adler Modemärkte AG has been hit.

The company with its 3350 employees has to file for bankruptcy.

  • The renewed

    Corona

    lockdown hits the stationary trade with full force.

  • Textile traders in particular are struggling to survive.

  • After

    Hallhuber

    and

    Bonita

    ,

    Adler Modemärkte AG

    now has to

    file for bankruptcy.

Haibach -

Adler Modemärkte AG

has filed for insolvency proceedings in self-administration due to overindebtedness.

As a justification, the fashion chain from

Haibach

near

Aschaffenburg

referred to the renewed closure of almost all 171 branches.

This has led to "considerable sales losses".

Despite "intensive efforts" it was not possible to "close the liquidity gap that had arisen by injecting capital through state support funds or investors," it said.

"The renewed

Corona

* -related closure of almost all locations unfortunately left us no other choice," said CEO

Thomas Freude

.

The aim now is to reorganize the company through an insolvency plan.

Business operations are to be continued in full.

The application was submitted to the Aschaffenburg district court.

The board of directors remains authorized to administer and dispose of.

This lawyer has appointed

Christian Gerloff

as general agent for

support

.

Adler Mode GmbH, Adler Orange GmbH & Co. KG and Adler Orange Verwaltung GmbH - all wholly owned subsidiaries - have also decided to apply to the Aschaffenburg District Court to open insolvency proceedings under self-administration.

Adler Modemärkte AG: Application to open insolvency proceedings under self-administration https://t.co/EKg696fzyq

- DGAP-Ad-hoc (@DGAP_Ad_hoc) January 10, 2021

According to its own information, Adler Modemärkte AG currently operates 171 stores, 142 of them in Germany, as well as an online shop.

There are other markets in

Austria

,

Luxembourg

and

Switzerland

.

The focus was on the age group from 55 years.

The company was most recently known to the wider public through brand ambassador

Birgit Schrowange

.

Adler Modemärkte: Corona pandemic hits the industry with full force

In 2019 the group achieved a turnover of 495.4 million euros.

As of September 30, 2020, it had around 3350 employees.

The company was founded in 1948 as a clothing company in Annaberg (Saxony).

Many companies in the fashion industry were not doing well before the Corona crisis.

Most recently, numerous textile retailers and manufacturers had to file for bankruptcy, including Hallhuber, Bonita and Galeria Karstadt Kaufhof.

They had little to counter

the triumph of online retail and the success of fast fashion providers such as

Primark

or

Zara

.

* Merkur.de is part of the nationwide Ippen digital network.

(dpa / utz)

Source: merkur

All news articles on 2021-01-11

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