The Aachener clothing retailer wants to open two more branches despite the insolvency of its operating company TEH Textilhandel GmbH. This emerges from a letter published on Wednesday by the commercial law firm White & Case, which provides the provisional insolvency administrator Christoph Schulte-Kaubrügger.
Together with the restructuring expert Oliver Nobel, who was appointed sole managing director of the retail chain in November, and the Aachener team, Schulte-Kaubrügger “succeeded in stabilizing and properly continuing to operate the seven fashion stores and two outlets that were operating at the time of the bankruptcy filing,” they say it in the message.
New openings at former Galeria locations in Leverkusen and Nuremberg are “currently in preparation”
In addition, new branches have now been opened in Coburg and Cottbus. There, Aachener had taken over the former premises of the department store operator Galeria Karstadt Kaufhof, which had to give up numerous locations as part of its recent insolvency proceedings.
Schulte-Kaubrügger has now also announced two new openings in former Galeria stores: “Further store openings in Leverkusen and Nuremberg are currently in preparation,” says the statement from White & Case. Beyond that, however, “no further branches are expected to be opened”. The planned revival of the former Galeria location in Saarbrücken by Aachen appears to be off the table.
However, the provisional insolvency administrator left concrete predictions for the future of the retail chain open for the time being. “In parallel with the continuation of operations, we are examining the restructuring options and prospects for the long-term preservation of the company,” explained Schulte-Kaubrügger. “The employees are competent and motivated, business is going well and we expect positive results in the next few months.”