CK Technology Solutions is the new investor at Görtz.
In mid-May, Görtz announced that the company had found a “new investor”. It is now clear that the Viennese CK Technology Solutions GmbH will join the ailing shoe retailer, Görtz announced on Thursday. The creditors’ committee has already confirmed this and a corresponding investor agreement has been signed and notarized.
Among other things, CK Technology Solutions GmbH owns the Logisticator platform, which offers services in the logistics sector.
Görtz wants to end insolvency proceedings by the end of June
Now the creditors still have to approve the submitted restructuring plans so that Ludwig Görtz GmbH with its two subsidiaries Görtz Retail GmbH and Görtz Logistik GmbH can exit the restructuring process again. The aim is to end the insolvency proceedings under self-administration by the end of July, according to Hamburg.
“As a traditional company, Görtz is an integral part of the market,” said Bolko Kissling, Managing Director at CK Technology Solutions. “After its extensive transformation, we see great potential to make the company stable again with the right partners and a clear customer orientation.”
The renovation of Görtz at a glance
Görtz applied for a protective shield procedure in September in order to restructure. At Ludwig Görtz GmbH, the process was accompanied by the general representative Sebastian Knapp from the legal advisor PwC Legal. The two subsidiaries Görtz Retail and Görtz Logistik were accompanied by Lorenzo Matthaei and Robert Jödicke from the law firm Finkenhof Rechtsanwälte as general representatives and applied for self-administration applications. At the end of November, the reorganization proceedings for Görtz were opened and Sven-Holger Undritz from the law firm White&Case was appointed by the responsible court as trustee.
In February it became known that Görtz had found new investors in the entrepreneurs Leonie and Burkhard von Wangenheim who would support Görtz in the renovation. In mid-May, the Munich couple withdrew their company Fürderhin GmbH because business was worse than expected. The investor agreement was then reached with the new investor in May.
“The restructuring process demanded a lot from everyone involved. Painful cuts were necessary to stabilize the company,” said administrator Undritz. “I very much hope that Görtz and his employees will now find calm waters again. With new ideas, Bolko Kissling will ensure that Görtz’s market presence is further adapted to rapidly changing consumer requirements.”
Before the proceedings, Görtz operated 160 branches in Germany. During the renovation, it was announced in January that the flagships in Düsseldorf and Frankfurt am Main would be closed, and a month later half of the locations would be closed. At the beginning of June it was said that Görtz had terminated the leases of 19 other stores. So far, Görtz has not wanted to comment on more precise figures and circumstances.
“Due to continued reluctance to buy, we have had to realign our business model for the future in several stages over the past few months,” said Görtz CEO Frank Reverman. “In CK Technology Solutions GmbH we have found an experienced partner who will help Görtz to successfully master the realignment. As an attractive omnichannel provider, we will now find new strength in the interests of our customers and employees.”