The Hamburg shoe retailer Görtz expects that the ongoing insolvency proceedings can be completed in just a few days. A key requirement for this was recently met, a company spokeswoman said on Tuesday when asked by FashionUnited.
Accordingly, the district court of Hamburg confirmed the insolvency plans for the affected companies Ludwig Görtz GmbH, Görtz Retail GmbH and Görtz Logistik GmbH on June 29, after they had already been approved by the creditors. The corresponding insolvency proceedings would now “probably be lifted in mid-July,” the statement said. The specialist magazine Textilwirtschaft (TW) had previously reported on the decision.
In September last year, the retail group applied for a so-called protective shield procedure for the parent company Ludwig Görtz GmbH and insolvency proceedings under self-administration for the operating subsidiaries Görtz Retail GmbH and Görtz Logistik GmbH. The main reason given for the step at the time was “significant sales declines” due to consumers’ increasing reluctance to buy.
As part of the restructuring efforts, it was decided to close most of the approximately 160 branches that the company had operated in Germany and Austria before the proceedings began. At the same time, the group started looking for a new investor. After some confusion, it ended successfully: In May, an investor agreement was concluded with the Viennese company CK Technology Solutions GmbH.