The Munich clothing supplier Hallhuber GmbH had to file for bankruptcy again. The district court in Munich granted the company’s application for provisional self-administration on Tuesday, Hallhuber said in a statement on Wednesday.
According to the statement, the decision was necessary “due to the multiple crises in the textile retail sector that are well known in the market and the resulting massive drop in sales”. The company now wants to “realign itself via insolvency proceedings under self-administration”. In addition, Hallhuber “decided to take this step in order to be able to actively pursue the search for a new financial investor and thus secure the future of the company”.
As part of the proceedings, the existing management will manage the company under the supervision of the court-appointed trustee Christian Gerloff. In addition, the retailer brought two restructuring experts into the management team. Sven Tischendorf and Alexander Höpfner from the law firm AC Tischendorf Rechtsanwälte Partnerschaft mbB (act) have been appointed managing directors to strengthen management in the restructuring and for insolvency-specific issues, Hallhuber said.
Hallhuber only completed insolvency proceedings two years ago
Hallhuber only completed its most recent insolvency proceedings two years ago. At the time, the company was in financial difficulties due to the effects of the Covid 19 pandemic. At the end of that process, the company was taken over by CEO Rouven Angermann and CFO Torsten Eisenkolb as part of a management buyout.
At the time, the new owners had announced an “omnichannel strategy” and the “consistent alignment of all business areas and processes to the existing, vertical business model” in order to “realize the company’s great potential for success”.
Editor’s Note: This article was updated on May 31, 2023 with additional information from Hallhuber.