The clothing supplier Peter Hahn GmbH wants to reposition itself with a protective shield procedure.
The company filed a corresponding protective shield application with the responsible district court in Stuttgart on October 23rd, Peter Hahn announced on Tuesday. Peter Hahn’s foreign investments are not affected by this. The reason for the restructuring is the impact of the insolvency of a sister company, conversion requirements within the framework of the Enterprise Resource Planning system (ERP) and the general market situation in the mail order business, according to Winterbach in Baden-Württemberg.
“I am sure that the approach of offering our customers a portfolio of high-quality branded fashion will continue to be successful after the necessary realignment,” said Daniela Angerer, Managing Director at Peter Hahn. “At the same time, we will significantly strengthen, profile and further develop our own brands in order to complement the premium brands we sell with high-quality collections and outfits.”
Andreas Kleinschmidt and Nicolai Fischer from the law firm White & Case LLP were appointed as the restructuring representatives in the protective shield proceedings. In addition, the restructuring specialist Detlef Specovius from the law firm Schultze & Braun was appointed additional managing director to provide support. He and his office colleagues also help Women’s fashion provider Madeleine Mode GmbH in its self-administration insolvency proceedingswho, like Peter Hahn, belongs to the Munich-based clothing group TriStyle Group.
Discussions with investors have progressed
In the past few months, the retailer has already had “intensive discussions” and negotiations with financiers and investors about the long-term realignment and refinancing of the company. These are now well advanced. However, the final implementation of the restructuring requires measures that can be implemented most “quickly and efficiently” through a protective shield procedure, according to the statement. The restructuring and agreement with investors is expected to be completed in the first quarter of 2024.
“Together with ‘a strong partner’, we want to realign Peter Hahn in the long term and finance it in a future-proof manner. We have already made a lot of progress in this,” said Angerer. “The protective shield procedure offers a quick and efficient restructuring route to implement the final necessary steps and to remove burdens from the previous group network. We want to pursue this together with our customers, business partners and our future investors.”
The online and mail order retailer Peter Hahn, which also operates several physical stores, employs around 1,000 people. Business operations will continue as normal during the process.