As of: February 14, 2024, 8:50 a.m
By: Bona Hyun
Comments
Press
Split
The company with ten branches in southwest Germany has filed for insolvency.
The reason is the difficult overall economic situation.
Waldfischbach-Burgalben – Schuh-Welt Schuhhandels-GmbH is insolvent.
The company had submitted an application for restructuring proceedings under self-administration to the Pirmasens district court.
The court had granted the request and ordered the preliminary proceedings to be self-administered, confirmed Schuh-Welt at the request of the specialist portal
FashionUnited
.
Shoe retailer from southern Germany goes bankrupt - that's the reason
The reason for the application is the difficult overall economic situation.
Demand has fallen while costs have increased at the same time, report
FashionUnited
and
schuhkurier
.
Attorney Jüchser from the law firm Lieser Rechtsanwälte was appointed as provisional administrator.
The aim now is to advance the strategic realignment of the company that has already begun over the past two years.
The restructuring under self-management offers the opportunity to implement the structural realignment and to sustainably stabilize business operations, says Waldfischbach-Burgalben.
A new shoe shop opens on Westenhellweg in Dortmund (symbolic image).
© Russian Look/Imago
After Schuh-Welt filed for bankruptcy: What happens to the branches?
The shoe retailer's business operations will continue during the proceedings and the branches will remain open.
According to its own statements, the company wants to continue to offer branded products at affordable prices.
In addition, special promotions will be launched in the near future.
“The company is using the possibilities of the self-administration process to reposition itself for the future,” quotes
FashionUnited
managing director Monika Carvalho.
According to FashionUnited,
restructuring experts Matthias Bayer and Lukas Eisenhuth from the law firm Abel & Colleagues will
support Schuh-Welt alongside the administrator appointed by the district court and accompany the company as general agents.
The total of 80 employees, whose salaries are secured by the insolvency money in the preliminary proceedings until April, have been informed.
Several shoe retailers file for bankruptcy
These are difficult times in the shoe market anyway: two weeks after the bankruptcy of the shoe retailer Reno, the shoe trading group HR Group also filed for bankruptcy.
In December 2023 there were reports of bankruptcy declarations by shoe retailers Salamander and Schuhhaus Klauser.
The shoe retailers have 93 branches in Germany, many of which are also in North Rhine-Westphalia - including Hamm.
Both Salamader and Klauser are retail subsidiaries of the Ara shoe group and are therefore truly traditional companies.
(bohy)