German beauty retailer Parfümerie Pieper has announced that it has filed for insolvency. It will keep its 140 stores and online shop open for now.
In a letter to suppliers, the company stated that it went under self-administration on Nov. 20 after filing at the Bochum Local Court in Bochum, Germany. It will undertake restructuring while “maintaining ongoing business operations,” according to the letter. The Business of Beauty has reached out to the company and is awaiting comment.
According to German media, the Herne-based retailer will cover three months of salaries for employees. Management will remain in place, and vendors will need to register outstanding claims after insolvency proceedings begin, which the company estimates to…