As of: January 22, 2024, 10:37 a.m
By: Markus Hofstetter
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The financial difficulties of Signa Holding have pushed another online fashion retailer into bankruptcy.
The online outlet Dress-for-less is insolvent.
Kelsterbach - The Signa Group's threatening economic situation has brought another fashion retailer into the abyss.
As has only now become known, the Darmstadt district court opened preliminary insolvency proceedings for Dress-for-less on December 22nd last year.
The provisional insolvency administrator is the Frankfurt lawyer Jan Markus Plathner from the law firm Brinkmann & Partner.
This is reported by the specialist magazine
TextilWirtschaft
.
Signa subsidiary Dress-for-less is insolvent: the company is one of the pioneers in online fashion retail
This is the second bankruptcy of the Hessian online fashion retailer Dress-for-less.
The process opened in 2016 ended with the sale to Signa Retail.
The company describes itself as an online outlet for high-quality branded clothing.
Price-reduced goods are offered from overproduction, remaining stocks from the previous year and sales.
The discounts are up to 70 percent.
Dress-for-less, one of the pioneers of online shopping, has gone bankrupt (symbolic image).
© Alena Kuznetsova/IMAGO
Dress-for-less was founded in 1999 and is one of the pioneers of online fashion retail in Germany.
In the 2021/22 financial year (end of September 30), sales rose by around 19 percent to almost 48 million euros.
At the same time, the annual deficit increased by a third to 12.3 million euros.
The company employed 184 people during this period.
More current figures are not available.
Dress-for-less is solvent: Already the fifth insolvency of a Signa online trading subsidiary
Dress-for-less, the fifth online retailer from René Benko's Signa conglomerate, is bankrupt.
In October last year, the online trading group Signa Sports United filed for bankruptcy with its sports fashion online retailers Tennis-Point and Internetstores.
This was followed by the curated shopping provider Kisura and now Dress-for-less.
Galeria Karstadt Kaufhof, Signa's department store subsidiary, also filed for bankruptcy - for the third time.
SportScheck is also bankrupt.
The wave of bankruptcies of the fashion subsidiaries is not only due to the precarious economic situation of the mother Signa.
The entire textile industry is suffering from the fact that the e-commerce boom triggered by the Corona crisis came to an abrupt end last year.
As a result, numerous retailers had to file for bankruptcy.
Prominent victims include Madeleine, Peter Hahn, the Klingel Group, the sports fashion retailer SC24 and the shoe retailer Shoepassion.
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It's not just the fashion industry that's going through difficult times.
More and more companies from other sectors are also getting into difficulties, most recently the Lila Bäcker bakery chain.
Further bankruptcies could follow this year.
After significantly more corporate insolvencies in 2023, the credit agency Creditreform expects a further increase in 2024. The restructuring consultancy Falkensteg even expects 30 percent more insolvencies.