The Stuttgart men’s outfitter Felix W. has a future again. The company, which had to file for bankruptcy at the end of January, has “successfully completed” its investor process, according to a statement published on Wednesday by the law firm Pluta Rechtsanwalts GmbH, which provides the insolvency administrator Ilkin Bananyarli.
Accordingly, the newly founded company Flow Retail GmbH will take over the business operations and 13 employees of the clothing retailer. “The investor is also acquiring the brand name Felix W. and will continue to run the business in Stuttgart on Heilbronner Strasse under this name,” the statement said. A corresponding purchase contract has already been signed. The details were “agreed to remain confidential.”
The previous operating company Felix W. Retail GmbH filed for insolvency with the responsible district court in Stuttgart in January. At that time, Bananyarli was appointed provisional insolvency administrator. The restructuring expert has been acting as insolvency administrator since the proceedings were opened on March 30th. Pluta said that in the past few weeks he had held “numerous discussions and negotiations” to ensure the continuation of Felix W.’s business operations. In addition, an investor process was initiated, which has now been brought to a successful conclusion.
The new owner wants to continue the business operations of the Stuttgart men’s outfitter
Bananyarli drew a correspondingly positive conclusion from his efforts. “The general conditions were very challenging at the beginning of the process,” he explained in a statement. “Nevertheless, we managed to continue business operations in the preliminary procedure and have now reached an investor solution. This is good news, as a traditional fashion store will be retained in Stuttgart.”
Reinhard Edelmann, the managing director of the new owner Flow Retail, also emphasized the intention to continue running the textile retailer. “I am pleased about the successful conclusion of the negotiations,” he said. “Felix W. has a long tradition and is a well-known fashion store in Stuttgart. We will continue to offer customers high-quality men’s fashion in the future.”
