The women’s fashion provider Madeleine Mode GmbH is expected to cease operations on December 31st of this year.
For the company, which filed for bankruptcy in August, “there will most likely be no investor solution,” said the law firm Schultze & Braun, which is supporting the clothing supplier in its restructuring efforts, in a statement published on Tuesday. The last remaining interested parties have “withdrew from the sales process”.
Without new investors, the company has no future prospects
This meant that hopes of rehabilitating the ailing fashion company dwindled. “In order to give Madeleine a future perspective and to be able to realign the company in a new and, above all, more digital way, the entry of an investor was and is a mandatory requirement,” emphasized Daniela Angerer, the company’s CEO, in a statement. “Without an investor solution, I had to make the difficult decision to stop business operations at Madeleine Stand at the end of December.” At the moment, “it cannot realistically be assumed that an investor will be found,” says Angerer.
The majority of the approximately 200 employees have already been laid off
The company has already had to draw extensive consequences. The law firm Schultze & Braun announced that a large part of the currently around 200 employees had already been laid off at the beginning of the month. “Without an investor, there are not enough financial resources available for the unrestricted continuation of business operations beyond November 1, 2023 – the time the self-administration proceedings were opened,” it said. However, a small team will “continue to be present” at Madeleine’s in November to complete the remaining work and orders.
The clothing retailer Peter Hahn GmbH, which, like Madeleine, belongs to the Munich textile group TriStyle Group, has also recently been in financial difficulties. At the end of October, the company had to apply for protective shield proceedings. However, there are still chances of finding the urgently needed investors.