Schuh-Welt Schuhhandels-GmbH has submitted an application for restructuring proceedings under self-administration.
The corresponding application from the shoe retail chain, which operates 10 branches in southwest Germany, was submitted to the Pirmasens district court. Schuh-Welt confirmed on Tuesday in response to a request from FashionUnited that this had complied with the request and ordered the preliminary procedure to be carried out under self-administration. The industry magazine Schuhkurier had previously reported on the self-administration process. Attorney Jüchser from the law firm Lieser Rechtsanwälte was appointed as provisional administrator. The reason for the restructuring is the difficult overall economic situation, in particular the reduced demand coupled with increased costs.
The aim is now to push forward the strategic realignment of the company that has already begun over the past two years. The restructuring under self-management offers the opportunity to implement the structural realignment and to sustainably stabilize business operations, says Waldfischbach-Burgalben. The shoe retailer’s business operations will continue during the proceedings and the branches will remain open. In addition to the administrator appointed by the district court, Schuh-Welt receives support in the restructuring from the restructuring experts Matthias Bayer and Lukas Eisenhuth from the law firm Abel & Colleagues, who support the company as general agents.
“The company is using the possibilities of the self-administration process to reposition itself for the future,” says managing director Monika Carvalho. “Business operations will continue, we will continue to offer our customers branded products at affordable prices in our branches. In addition, special promotions will be launched in the coming period.”
The total of 80 employees, whose salaries are secured by the insolvency money in the preliminary procedure until April, were informed about the current status.