Last summer, the German subsidiary of the retailer Pepco NV filed for bankruptcy. After a comprehensive restructuring, which also included massive cuts to the branch network, the discounter is now focusing on a fresh start in this country.
The insolvency proceedings in self-administration for Pepco Germany GmbH, which were opened on October 1st, will end on February 28th, the company announced on Monday. The creditors’ meeting had already unanimously approved the submitted insolvency plan on January 14th, and it has now been legally confirmed by the responsible district court in Berlin-Charlottenburg.
The discounter has significantly reduced its German network of locations
In the future, the retail chain will have significantly fewer stores in Germany. It was decided back in October to reduce the number of local locations from 64 to 36 by the end of January as part of the renovation concept. According to the company, the number of employees in Germany fell from 500 to around 350. The aim of the measures was to “create a solid basis for future profitable growth,” explained the retailer.
According to a statement, Pepco Germany GmbH will in future be led by Daniel Blaumann, who “continues to be responsible for the operational business in Germany”, as well as Jorge Gervasi (COO Western Europe) and Ľubica Poláková (Head of Finance).
Restructuring manager Stoffler sees a “profitable and promising basis” for Pepco in Germany
Christian Stoffler, who acted as restructuring manager during the process, will now resign from his position. In a statement, he gave a positive assessment of the past few months. “Pepco Germany is a prime example of a quick and effective restructuring under self-management. In just six months, the branch business in Germany was put on a profitable and promising basis,” explained Stoffler. Pepco now has “all the prerequisites to successfully restart in Germany”.
