The Austrian women’s fashion retailer Blaumax is insolvent.
The Alpine Creditors Association announced on Thursday that restructuring proceedings without self-administration were opened for Blaumax HandelsgmbH, based in Klosterneuburg, at the Korneuburg regional court. Andrea Fruhstorfer was appointed as insolvency administrator.
According to the creditors’ association, Blaumax is a fashion company that was established in the 1990s and specializes in women’s clothing and is mainly active in German wholesale. The aim is to continue operating the company in a strongly “redimensioned form”, with the aim of partially closing the wholesale business and promoting online trading, which was launched in the 2000s, according to the statement. Nine employees are affected by the bankruptcy. Salaries were paid up to and including October.
The reason given for the insolvency was the crisis situation caused by the corona pandemic in 2020 and 2021 and the resulting unforeseeable decline in sales. In addition, the company was confronted with significant price increases and a noticeable decline in consumption due to supply chain problems. The company is therefore no longer able to return to profitability without restructuring measures.