Schuhhaus Kocken has initiated self-administration proceedings.
The responsible district court in Mönchengladbach approved the application for the procedure at the end of last week and ordered provisional self-administration, the shoe retailer based in Viersen in North Rhine-Westphalia announced on Tuesday. The aim of the procedure is to overcome the current crisis situation and to make Schuhhaus Kocken fit for the future, taking into account all legal options.
“The currently difficult situation of the inner-city retail trade with persistent consumer restraint makes it necessary to act decisively,” said Günther Kamp, Managing Director of Schuhhaus Kocken. “After reviewing all the options available to us, the self-administration process is the best way to ensure the long-term survival of our company in the interests of all key stakeholders.”
16 locations affected
This affects 77 employees and 16 locations where business operations will continue during the process. The wages and salaries of the employees who are already informed about the initiated restructuring will be secured by the Federal Employment Agency for the next three months. According to the announcement, the funds should also be sufficient to pay wages and salaries for the period after the expected opening of the proceedings.
The Schuhhaus Kocken GmbH & Co. KG is supported by the restructuring expert Andreas Budnik and his team with the lawyers Julia Liebermann and Ruth Braukmann as well as Oliver Hoffmann and Daniel Salzburg from the restructuring law firm AndresPartner. The court appointed Christian Holzmann from the law firm Brinkmann & Partner as provisional administrator.
“We have already held initial talks with the main parties involved and will intensify them in order to reposition Schuhhaus Kocken with the help of an insolvency plan,” says Budnik.
About Schuhhaus Kocken
The family-run Schuhhaus Kocken was founded in 1949 by Peter Kocken and offers shoe and leather goods. In addition to its location at the company headquarters in Viersen, Schuhhaus Kocken operates shoe shops and stores under the Tamaris brand at a total of 16 locations in the region around Mönchengladbach, Cologne, Düsseldorf and Leverkusen.