The creditors of the insolvent Schuhhaus Kocken GmbH & Co voted unanimously in favor of the restructuring plan. The plan for the restructuring of the shoe retailer based in Viersen, North Rhine-Westphalia, was then confirmed by the responsible court, the family-run Kocken shoe store announced on Tuesday.
In addition to measures for restructuring and sales optimization, the restructuring plan drawn up by managing director Günther Kamp, restructuring expert Andreas Budnik, the court-appointed administrator and lawyer Christian Holzmann also includes the reduction of the branch network.
Four of the shoe store’s 16 locations were closed and another was passed on to a new operator, according to the statement. Eleven branches with a total of 66 employees can be forwarded independently. At the start of the proceedings, 77 employees still worked for the family business.
The basis for the annulment of the proceedings has been laid
“On behalf of the management and the owner family, we would like to thank our loyal customers and dedicated employees who have shown their support and loyalty throughout the entire process. This positive response is crucial for the success of the self-management and the repositioning of Schuhhaus Kocken,” said Kamp.
The Kocken shoe store was founded in 1949 by Peter Kocken. The North Rhine-Westphalian company justified the self-administration proceedings initiated at the end of August with the difficult situation of inner-city retail and the ongoing consumer reluctance. The goal stated at the time of overcoming the crisis situation and making the Kocken shoe store fit for the future, taking into account all legal options, now seems within reach.
“By accepting the plan, we have laid the foundation for the termination of the procedure, which we expect in a few weeks,” said restructuring expert Andreas Budnik. “We just have to wait for the usual legal deadlines until the district court in Mönchengladbach annuls the proceedings.”