As of: March 7, 2024, 2:30 p.m
By: Amy Walker
Comments
Press
Split
The fashion industry is currently under particular pressure © Robert Poorten/Imago
The fashion industry is currently struggling hard, with one bankruptcy following another.
Now a chain from Mönchengladbach has filed for bankruptcy.
Mönchengladbach – After a difficult year in 2023, things will continue to be difficult in the fashion industry this year.
Large chains such as Peek & Cloppenburg, Bree, Gerry Weber, Hallhuber and Galeria Kaufhof Karstadt have had to file for bankruptcy in the past few weeks and months.
This is now also the case for the fashion chain Sør, whose headquarters is in Mönchengladbach.
The textile industry
specialist portal first reported
on it.
100 employees affected by the bankruptcy
The fashion label had already slipped into bankruptcy before the pandemic, and in 2021 the company with 24 remaining branches was rescued by the Van Laack company.
The company announced that the new restructuring will be self-managed.
The administrator Sebastian Henneke, partner at the Streitbörger law firm in Duisburg, was appointed.
Sør cited the energy crisis and reduced purchasing power among consumers as reasons for the new bankruptcy.
The branches will remain open and the 100 employees will receive insolvency money.
A branch of the fashion chain SØR in Cologne.
© Oliver Berg/dpa
According to credit insurer Allianz Trade, companies in all sectors will see an increase in insolvencies worldwide for the third year in a row in 2024.
“This trend also applies to Germany - albeit with a delay compared to most other European countries,” predict the economists at the Hamburg-based Allianz subsidiary.
“According to the Allianz Trade insolvency study, the ongoing economic weakness, structural challenges and tighter financing conditions are likely to bring even more German companies into financial difficulties in 2024.”
The number of bankruptcies among German companies is expected to increase by 13 percent in 2024 compared to the previous year.
“This increase has already begun, particularly in the second half of 2023,” said Allianz Trade boss for the German-speaking region, Milo Bogaerts.
The number of bankruptcies here has visibly accelerated, with a 25 percent increase compared to the second half of the previous year, “with the hospitality industry, retail, the construction industry and B2B services making significant contributions.”
B2B (business to business) refers to transactions between companies, not with consumers.
In line with this development, analysts at Allianz Trade expect the number of company bankruptcies in this country to rise to around 20,260 cases in 2024.
It will not be until 2025 that it will settle at a somewhat more stable level of just under 20,000 due to the expected recovery of the German economy.
My news
Traffic light law on pensions: From 2028, employees will have significantly less net from the gross reading
Return transfers of social benefits: This is how much money asylum seekers really transfer to their home countries
Pension system like in Austria: Hubertus Heil wants civil servants to pay into the pension fund
1 hour ago
René Benko declares bankruptcy read
Rail strike started: What does GDL boss Claus Weselsky actually earn? read
1 hour ago
Hubertus Heil wants a pension like in Austria: That's why pensioners in the neighboring country read more money
With material from dpa