Pepco Germany has filed for insolvency proceedings as it seeks to reorganise its store network in the country.
The company aims to restructure the business for the German market and to better position it for potential success over time.
The German business has filed for insolvency proceedings under Section 270 of the German Insolvency Code at the Berlin-Charlottenburg Local Court, it said in a statement.
The court has subsequently ordered provisional company-led realignment proceedings, known as ‘Protective Shield Proceedings’, the company added.
All stores operated by the company will remain open until further notice and will continue to be supplied with the latest collections.
Pepco Group, as a shareholder, has declared its…