There is another insolvency case in the German shoe trade. At the request of FashionUnited, the Berlin company Shoepassion GmbH confirmed that it had to file a corresponding application with the district court of Berlin-Charlottenburg on March 6th. Various specialist media had previously reported on the process.
In the meantime, provisional insolvency proceedings under self-administration have been ordered, Shoepassion explained. The lawyer Friedemann Schade was appointed as the provisional administrator. According to reports, the shoe retailer had to accept a high drop in sales during the Covid 19 pandemic and was unable to make up for it last year due to increasing consumer restraint.
The company then tried to find a solution with banks and shareholders, but was unsuccessful. Now it is striving for restructuring as part of the insolvency proceedings.