Hamburg-based Closed GmbH has filed for insolvency. The brand filed the application with the relevant district court in Hamburg on Tuesday. Stefan Denkhaus, a lawyer from the BRL law firm, has been appointed as the provisional insolvency administrator.
The insolvency was necessary due to excessive debt and the associated financing costs. Operationally, the company, with its healthy sales structure of wholesale, online and brick and mortar retail, is fundamentally profitable. Turnover has developed better than the market.
Business operations will continue during the proceedings. Insolvency benefit pre-financing for the workforce has already been initiated. Suppliers and other business partners will now be involved in the process.
The…