Luxury German brand Gerry Weber in insolvency proceedings – Accountancy Daily
The company said it had applied for the court order for preliminary insolvency proceedings, but aimed to try and restructure its operations and has brought in an expert, Christian Gerloff, to support this.
The order applies to parent company Gerry Weber International, which said all subsidiaries are currently excluded.
Key measures, which have been agreed with the companys auditor Ebner Stolz include the closure of around 230 retail spaces, as well as a significant reduction of workforce of up to 900 jobs, both nationally and internationally, with staff cuts planned in the retail stores as well as in centralised functions including logistics.
The move into insolvency was triggered by the failure of talks with its financing partners, which t…
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