The shoe retailer KG Schuhkay is nearing the end of its protective shield proceedings.
The company’s creditors have voted in favor of the fashion retailer’s insolvency plan, confirmed the responsible administrator Michael Busching on Thursday. The self-administration process, which was applied for at the end of March and officially opened at the end of May, will therefore be officially ended in the coming days. The industry magazine Textilwirtschaft previously reported on the cancellation of the self-administration procedure.
As part of the insolvency plan unanimously approved by the creditors, Schuhkay KG will be converted from a limited partnership into a limited liability company, i.e. a GmbH. Furthermore, the company’s workforce, which currently employs around 120 people, is expected to grow by 15 percent, i.e. around 18 employees, by the end of the year.
Schuhkay KG applied for the opening of protective shield proceedings at the end of March, just under two years after completing the last restructuring process of the shoe retailer, which had already filed for self-administration insolvency in June 2020. The insolvency plan at that time was approved in February 2021.