The Hamburg fashion retailer Closed has made further progress following its takeover by the Böck family of entrepreneurs and industry expert Dieter Holzer, which was announced at the beginning of October.
The company announced on Tuesday that the transfer of the operating companies to the specially founded Closed NewCo GmbH was completed on November 1st. This marks the beginning of “a new phase of entrepreneurial stability and further development” for the brand. With its “long-term oriented ownership structure,” Closed now has “a clear perspective and a reliable foundation for the coming years.”
As already announced, Holzer leads the company as CEO. He is supported by Gordon Giers and Till Nadler, who retained their positions in the management. As Chief Product Officer, Giers will continue to be responsible for the product and brand areas, while Nadler will be responsible for international sales as Chief Sales Officer.
“Gordon Giers and Til Nadler have a deep understanding of the brand,” emphasized Holzer in a statement. “Their many years of experience are valuable for the further development of Closed.”
CEO Holzer: “Closed has one of the most distinctive brand DNAs in the European premium segment”
The company is now concentrating on “further sharpening the direction of the brand and products and continuing internal processes in a clear and structured manner,” it said in a statement. The further development of the collection plays “a central role”.
“Closed is working to further develop the already high standards of the product and to express the brand identity even more clearly,” explained the company. “In particular, the core product – trousers and denim – should be further strengthened in terms of its competence and visibility.”
CEO Holzer emphasized the great appreciation that the label continues to enjoy. “Closed has one of the most distinctive brand DNAs in the European premium segment,” he emphasized. “Our goal is to focus on this strength even more consistently – in the product and in communication.”
The Hamburg fashion company filed for bankruptcy at the beginning of August due to high debt burdens. In a bidding competition, the Böck family, which also owns the Marc O’Polo clothing company, and Holzer prevailed with their joint offer.
An insolvency plan has been filed for the retail company Closed Direct
According to a statement published on Wednesday by the insolvency administrator Stefan Denkhaus, an insolvency plan has now also been submitted for Closed Direct GmbH, which manages the stationary and online retail business. “The next step will be a discussion and voting session at the Hamburg District Court on December 10th, during which the creditors will vote on the insolvency plan,” the letter says.
Denkhaus therefore recommends the acceptance of the insolvency plan. “If the creditors’ meeting follows this recommendation, the sale of all closed companies to Closed NewCo GmbH will be completed,” he explained.