Aachener is insolvent.
TEH Textilhandel GmbH, the parent company of the Dortmund multi-label chain, has applied to the Dortmund district court to open regular insolvency proceedings, Aachener announced on Friday.
Currently, receivables and due liabilities cannot be paid on time or in full. Filing for insolvency proceedings is intended to enable the overall restructuring of TEH, according to Aachen managing director Oliver Nobel, who moved into the fashion retailer’s executive chair just a few days ago. Since then, he has “gained his own, independent overview of the processes, structures and current situation of the fashion houses”.
The goal of the restructuring expert, who belongs to the Görg law firm, is to use the instruments of the insolvency regulations to preserve the opportunity to restore the economic performance of TEH Textilhandel GmBH, according to the statement.
The previous managing director and company founder, Friedrich-Wilhelm Göbel, is currently wanted on an arrest warrant. He is said to have failed to appear at a court hearing at the Hagen district court at the beginning of November.
Existing branches will continue to operate
Both Nobel and the insolvency administrator Schulte-Kaubrügge are positive about the future of the retail chain. “After the initial discussions with the management team, I am confident and see opportunities for restructuring the TEH,” said Schulte-Kaubrügge. “The continuation of operational business is secured until further notice.”
Business operations and sales in the eight existing Aachener branches should be continued “as smoothly as possible”. However, it remains more than questionable whether the opening of the six former Galeria branches in Frankfurt, Cottbus, Coburg, Nuremberg, Leverkusen and Saarbrücken under the Aachen umbrella is still realistic. For the branches that have not yet opened, the possibility of opening them in a timely manner is being examined, according to the statement. However, company founder Göbel’s plan to take over additional Galeria branches towards the end of the year currently seems questionable.
Aachen locations are already open in Bad Kreuznach, Brühl, Flensburg, Göppingen and Koblenz, where the retailer also operates a laundry area in addition to the main store. The Aachen group also includes the Küster fashion house in Mayen and a franchise store for the shoe supplier Tamaris in Bad Homburg. The company employs a total of 355 people.
This article was updated at 3:05 p.m. on November 24th with a press release from Aachener.