The fashion retailer Rübsamen, which is currently in self-administration proceedings, has not yet been able to attract any new investors, so managing director Marcus Vorwohlt now intends to find a “solution through his own efforts”.
Vorwohlt, who is also active as a shareholder in Rübsamen, wants to take over the entire group, Rübsamen announced on Friday. This possibility is currently being legally examined and evaluated. This would be possible if the restructuring was transferred to a new legal entity or via an insolvency plan. For the second option, he would have to come to an agreement with existing creditors in a coordination appointment at the responsible district court in Augsburg, where the proceedings were opened at the end of September. This could secure around 100 jobs.
“Of course, regardless of the company’s efforts to achieve the restructuring on its own, we will remain open to investors,” said Paul Abel from the Wellensiek Rechtsanwälte law firm, who supports the group in its self-administration. “If, despite the broad appeal of investors from the industry, no suitable interested party can still be found, Marcus Vorwohlt will face the entrepreneurial challenges, which I would do as far as possible, taking into account the interests of creditors and employees many jobs are fully supported in every respect. To do this, it is necessary to implement all identified restructuring measures in order to ensure future profitability.”
Four locations have to close
As part of the restructuring process, the three stores in Weilheim, Aichach, Schrobenhausen and the partner store in Friedberg must close at the end of January. The Augsburg headquarters and seven other stores will remain.
In addition to reducing the space, other measures such as simplifying administrative and accounting structures and negotiating with landlords about adjusting rental agreements are being carried out.
“We have initiated the halving of the space in Augsburg and the closure of branches. Of course, a limited reduction in personnel was therefore unavoidable. These are very painful decisions. “But the current situation in retail and changing consumer behavior unfortunately leave us no other choice,” says Vorwohlt. “We are aware of our special responsibility towards the location and, above all, our employees and will try to find the best possible and most socially acceptable solution. We will do everything we can to offer alternative jobs to our affected employees.”
Administrator Georg Stemshorn from Pluta Rechtsanwalts GmbH added: “After intensive examination, the restructuring measures as a whole are suitable for creating a healthy and sustainably restructured company. These challenges are currently diverse for companies in the fashion industry and the Rübsamen Group must position itself for the future.”