Hamburg-based Bree Collection GmbH is insolvent.
The bag manufacturer has filed for insolvency with the responsible district court in Hamburg. The court appointed lawyer Dietmar Penzlin as provisional insolvency administrator on Friday, his law firm Schmidt-Jortzig Petersen Penzlin announced on Thursday. The goal now is to stabilize the company and find new investors by April 1st. Preparations are already underway to find donors who have the necessary funds to finance the new collection that has already been designed.
Business operations will initially be continued and the pre-financing of the insolvency money for the 40 employees will also be initiated immediately. The eight affected stores in Germany and one store in Austria remain open. In addition, some of the goods are offered at reduced prices. In addition to direct sales, wholesale and contact with partners should also be maintained. The Swiss business with three locations, which is operated by an independent company, is not affected.
This is not the first insolvency proceedings for the label, which was originally founded in Hanover. The company filed for self-administration insolvency in May 2019, shortly after moving to Hamburg. At that time, the Portuguese automotive supplier Coindu saved the company as a new investor.
This post was updated on January 11, 2024 at 3:50 p.m. with a message from the law firm Schmidt-Jortzig Petersen Penzlin.