The financially troubled Munich retailer Keller Group GmbH wants to restructure itself in insolvency proceedings under self-administration. The company, which operates the online shops Keller Sports and Keller x as well as the fitness app Keller sMiles, announced on Monday that the procedure had already been opened at the Munich District Court on November 30th. The lawyer Christian Gerloff was therefore appointed as an expert, and business operations are to be “continued unchanged” for the time being.
The Keller Group justified the step with financial difficulties due to the recent adverse conditions. “In particular, the supply chain crisis due to the corona pandemic and the significantly worsened consumer and market conditions due to the Ukraine war” meant that the company “got into a liquidity crisis” which “despite intensive efforts could not be eliminated in time”, the company said in a statement.
The aim of the insolvency proceedings in self-administration that has now been applied for is to “successfully carry out the restructuring of the company in an orderly process,” said the Keller Group. The management of the retailer will work together with restructuring experts from the commercial law firm Dentons.