The German shoe chain Reno from Osnabrück is insolvent – and was quite unsuccessful in its search for investors. The majority of the branches will now have to close.
Osnabrück – German shoe retailer Reno and its former parent company, HR Group, are insolvent. The company filed an application for insolvency proceedings with the Osnabrück District Court in April and went looking for investors. But so far with little success: In the search for investors, only a "small solution" has been achieved, Valtier's insolvency administrator Immo Hamer told Reno employees on Thursday (25.5.2023), according to Wirtschaftswoche.
Reno insolvent: 150 stores have to close
The insolvent shoe retail chain Reno will therefore be largely wound up, the magazine continues. Around 150 of the 180 branches would have to be closed. The company was "run down," said the insolvency administrator. He told Wirtschaftswoche that there was only a perspective for a total of 23 branches and thus for around 120 of the 1100 employees.
The logo of the shoe retailer Reno at an already closed branch in Osnabrück. © Guido Kirchner/dpa
Among them, nine locations are to be continued under the name Reno. These will be taken over by the Kienast Group, which includes the ABC Schuh-Center brand. Another eight to nine locations will go to other chain stores, which, however, will no longer employ Reno employees, according to Wirtschaftswoche. The insolvency proceedings are scheduled to start on 1 June.
Pandemic, inflation and the like: shoe trade in crisis
Reno is not alone with its problems: large parts of the shoe trade are in crisis as a result of the Corona pandemic and the inflation co-triggered by the Ukraine war. More than one in ten shoe stores closed last year, according to the Trade Association Textile, Shoes, Leather Goods (BTE). Overall, the number of shoe stores fell by 1500 or 13 percent to around 10,000 within a year, according to calculations by the association.
With material from dpa