There could be job cuts at Eterna Mode GmbH as part of the ongoing sales process. However, it is currently unclear how many employees of the insolvent shirt specialist will be affected.
Lawyer Georg Bernsau from the law firm K&L Gates LLP, who together with his colleague Nadja Ruß took over the management of the company during the insolvency proceedings, explained in a statement to FashionUnited: “We are still in the middle of the M&A process, so I cannot say who will take over the company in what form. For this reason, we cannot yet estimate to what extent we will release employees next week.”
Bernsau had already signaled to the industry media Textilwirtschaft, which first reported on possible job cuts, that exemptions were fundamentally part of the process. It was clear from the start that the current process would not work without exemptions. To what extent and from when exactly employees are released depends on the outcome of the intended sale.
The insolvency proceedings are scheduled to open on March 1st. Self-administration will continue to be ordered, a decision that, according to the industry magazine, was unanimously supported by both the creditors’ committee and the administrator. It also says that the traditional company is to be sold next week, but who will take over it and in what form is currently still completely open.
