Three subsidiaries of the mail-order group Klingel Group based in Pforzheim are insolvent and want to restructure themselves on their own responsibility.
The K – Mail Order GmbH & Co. KG, the main company of the group, wants to reposition itself with a reorganization process in self-administration, the Klingel Group announced on Wednesday. The company, which owns fashion brands such as Klingel, Wenz, Mona and Babista, has already submitted a corresponding application.
At the end of February, the group confirmed restructuring measures at the subsidiary Impressionen Versand GmbH. Now the Hamburg mail-order company and Schneider GmbH & Co. KG, also a company of the Klingel Group, are starting self-administration proceedings. Around 1,800 people work in the three affected companies. The other companies in the group are not affected by the proceedings and measures.
The business operations of the three companies are to be continued. Attorney Martin Mucha from the law firm Grub Brugger was appointed provisional administrator.
Klingel Group is being restructured in self-administration proceedings
Like many other companies, the dealers in the Klingel Group are also struggling with the difficult market conditions that have resulted from the significant reluctance to consume since the start of the Ukraine war, increased costs and high inflation. In addition, there were “locked up liquidity” in the warehouse due to delays in the supply chains during the corona pandemic and increased logistics prices. In addition, a “necessary conversion of the IT systems” is said to have had a significant impact on business operations, according to the announcement.
“Like the entire mail order industry, the Klingel Group has been facing immense challenges for the past year. The overall economic environment has changed enormously. In the past few months, this has been reflected above all in the purchasing behavior of our customers, and we now have to react to it consistently,” said Sven Groos, CEO of K – Mail Order GmbH & Co. KG. “We have therefore decided to restructure the Klingel Group as part of self-administration and to accelerate the necessary transformation process. We are currently working on the specific renovation measures together with experienced experts and will inform our employees immediately as soon as they have been determined.”
Klingel appoints Chief Restructuring Officer
For support, the Klingel Group brought in Marcus Katholing from the restructuring company Pluta, who has been Chief Restructuring Officer since March. He is to implement the measures with the existing management – Sven Axel Groos, Cord Henrik Schmidt and Sven Christian Andrä.
“With this approach, we ensure the stability of the company and long-term competitiveness. Business operations continue and customers can place their orders and receive their goods as usual. The processing of returns and all other services are also guaranteed,” says Katholing. “In the coming months we will press ahead with the restructuring, simplify corporate processes and position the group for the future in order to maintain it in the long term.”