The insolvent shoe retail chain Reno wants to restructure itself with new financiers. The management consultancy Dr. Wieselhuber & Partner GmbH (W&P).
The consulting firm said on Wednesday that it had been commissioned to “carry out a structured distressed M&A process” – i.e. to find potential investors for the financially troubled retailer. The search is now being “implemented at full speed” under the direction of Philippe Piscol, W&P Partner and Head of M&A, according to a statement.
Immo Hamer von Valtier, who was appointed provisional insolvency administrator for the retail chain at the end of March, is hoping for a successful outcome of the identification process that has now been initiated: “Our goal, together with strategic investors, is to save as many Reno branches and jobs as possible,” explained him in a message. To do this, “a suitable partner must be found as quickly as possible”.
The preliminary insolvency proceedings for Reno Schuhcentrum GmbH and its subsidiary Reno Schuh GmbH have been running since March 28th. According to W&P, insolvency proceedings are to be opened on June 1st. The aim now is “to restructure the second-largest German shoe chain store and position it in such a way that the core business is permanently secured beyond the opening of insolvency proceedings,” says a statement.
Reno was only taken over by Cm.Sports GmbH last autumn and was still running around 180 branches. The stores in Austria and Switzerland are currently not affected by the insolvency.