The Skateboard and Streetwear dealer Titus GmbH, based in Münster, is insolvent.
The company restructured itself through a renovation process in self -administration, Titus said on Monday. A corresponding application was already submitted and approved by the responsible district court in Münster. The court appointed lawyer Christoph tomorrow as a provisional administrator.
Titus boss: “Use the opportunities for market adjustment.”
“We restructure this path and take advantage of the opportunities for market adjustment,” said Julius Dittmann, Managing Director of Titus GmbH. For this, the skateboard specialist has appointed the renovation expert Nils Averbeck from Michels Restructing GmbH to the general representative. Together, a renovation plan is to be developed that is supposed to bring Titus back into the black. One currently calculates when the court and creditor: in the inside agree that the procedure could be repealed again in early autumn 2025.
During the procedure, the business continues at the 16 Titus locations. Meanwhile, seven titus shops are not affected by the procedure, which are operated by different owners in the partner system: according to the communication. You will continue to be supplied with goods from Titus. The other “related societies” by Titus are also not part of the renovation process initiated.
The main reasons for the renovation are the business -related buying of purchase of customers and a temporary drop in sales by a newly implemented ERP system last year.
About Titus
The company was co-founded in 1978 by the German skateboard pioneer Titus Dittmann and employs around 160 employees, 98 of them full-time. Around 15 years ago he initiated the generation change and handed over the lead to his son Julius Dittmann. In addition to Dittmann, CFO Carsten Schwering has also been part of the company management for almost two and a half years. Titus sells products in the areas of skateboard and streetwear. The range includes well -known brands such as Nike, Dickies and Carhartt Wip, but also the own brand.