Görtz has found a new investor. The insolvent shoe retailer also announces that it will close half of its branches.
The new investor was not named, but is said to be a private investor with roots in Hamburg. He submitted the most interesting continuation concept and the most viable offer for the creditors, according to a statement on Thursday
Half of all branches are closed
Görtz wants to remain present throughout Germany and in Austria with almost 80 of its own branches. That means: About half of its 160 locations will close. Since the start of the protective shield procedure in September, it has not been clear how many branches will remain open.
“The investor is convinced of the potential of the business model based on an increasing interlocking of the channels, especially with a view to a now optimized Germany-wide branch network,” says the statement.
The investor also wants to continue Görtz’s omnichannel and shopping experience strategy, taking into account the scalability and profitability of all channels.
“As an omnichannel retailer, Görtz is a brand with a lot of potential – there is still some homework to be done, such as the implementation of the restructuring plan, but we are full of vigor in the new future of Görtz and look forward to working with the new investor,” said Görtz -Managing Director Frank Revermann in the message.
Current managing directors remain
An investor agreement has already been signed. It was also approved by the creditors’ meetings of Ludwig Görtz GmbH and the two subsidiaries Görtz Retail GmbH and Görtz Logistik GmbH. The recovery plans for the implementation of the investor agreement still have to be submitted to the court and still need the approval of the creditors. Managing Director Frank Revermann and CFO Tobias Volgmann will continue to run the company in the future.
“I am very satisfied with the outcome of the intensive investor process, which will now form the basis for a comprehensive reorganization of the Görtz Group,” said the court-appointed trustee Sven-Holger Undritz from the law firm White & Case. “The creditors have switched the traffic lights to green, so I assume that the restructuring process will soon be completed, which has demanded a lot from everyone involved – and especially from the employees.”