The bankruptcy wave in German retail continues. Now it has also caught the Schuh GmbH & Co. KG, based in Fellbach near Stuttgart, who operates 27 branches of the concepts Schuh-Mann and Quick Schuh in Baden-Württemberg.
The Stuttgart District Court granted a corresponding application from the company on Tuesday and ordered a preliminary insolvency proceedings on their own administration, the shoe dealer said on Wednesday in a press release.
Tibor Daniel Braun from the Stuttgart law firm Illig Braun Kirschnek was appointed for the provisional administrator. The renovation expert Steffen Beck from Pluta Rechtsanwalts GmbH, as a representative, is to lead the restructuring efforts together with the management.
Adverse framework conditions ensured “economic difficulties”
According to the company, bankruptcy is due to the continued adverse market conditions. The retailer is “confronted with economic difficulties that affect the entire inpatient shoe and fashion trade,” says a message.
“The weak economy, the trend towards online trading and the persistent high inflation, which leads to a significant retention of buying the customers, are the weak economy, the company explained. In addition, “the running costs are very high at the same time”.
The company wants to reorganize itself with a renovation concept
In the course of the ongoing renovation process, Schuh Graf now wants to reorganize itself. “The focus of the procedure is on the development of a comprehensive renovation concept that ensures the continuation of the company in the long term and enables a future perspective,” emphasized the company. “In this context, all operational levers are checked and optimized. The goal is to strengthen the competitiveness of the dealer sustainably and to consolidate the market position.” The focus is on “the sales and cost structure of the company and the profitability of the branches”.
First discussions with business partners: Inside and supplier: Inside, managing director Götz Graf emphasized. According to its own statements, the company wants to strive for “new conditions” in the upcoming negotiations.
Until further notice, the shops of the shoe provider should remain open. The salaries of the approximately 160 employees: The company said that the company was secured for the next three months.