The Berlin shoe retailer Shoepassion GmbH has made deep cuts as part of its ongoing insolvency proceedings under self-administration. The company said on Tuesday that seven of the original ten stores had already been closed. “The branches in Frankfurt am Main, the Heinrich Dinkelacker flagship store in Bietigheim-Bissingen and the store at the Berlin main branch will remain in place,” says a statement.
According to Shoepassion, in addition to other cost-cutting measures, the ranges of the company’s own shoe brands N91, Henry Stevens and Heinrich Dinkelacker have also been streamlined. “From now on, the following applies: less retail, more online and a clear focus on the company’s three ‘Made in EU’ own brands and their profiling on the market,” the shoe manufacturer summarized its restructuring strategy.
The company is currently developing an insolvency plan that is intended to clear Shoepassion GmbH of debt. “We will now finalize the plan in the next few weeks and submit it to the district court in Berlin. Our creditors will then have the opportunity to vote on it there, ”explained Andreas Budnik, the restructuring officer, in a statement. In the event of a positive vote, he expects “the procedure to be lifted in autumn 2023”.
Shoepassion filed for bankruptcy on March 6th. The insolvency proceedings under self-administration were opened on July 1st.