Now that the restructuring plan of Gerry Weber International AG has become legally binding, the financial restructuring measures should now be implemented promptly.
Part of the restructuring project is a complete capital cut. This includes reducing the share capital to zero, so that Gerry Weber’s current shareholders will leave without compensation and the shares will no longer be listed on the stock exchange. Furthermore, a capital increase to 50,000 euros is planned. These new shares are to be fully subscribed by a restructuring investor, GWI Holding S.à.rl, based in Luxembourg.
In order to simplify the group structure, the company will then be converted into a GmbH.
“Thanks to our creditors’ approval of the restructuring plan, we can put the Gerry Weber Group back on a solid financial basis. Our shareholders, committees and business partners gave us great support,” says Florian Frank, CFO. “With the implementation of the restructuring plan, we will have a financing structure available in the future that will enable us to continue to press ahead with the operational restructuring.”
A number of restructuring measures have already been carried out in recent months: the branch network has been reduced in size and the company’s own retail business in Austria has been given up. In addition, sourcing was streamlined through the strategic partnership in the procurement area with the company Techno-Design as well as the headquarters in Halle/Westphalia were streamlined and consolidated.
Strategically, the group wants to focus on the healthy core in its own retail in the future and also rely on strong partnerships with retailers. “Our special attention will be focused on three focal points: a strong team in Halle and outside with our partners, on the product development of our collections and the needs of our trading partners and customers,” emphasizes Dirk Reichert, CEO of Gerry Weber International AG.