The big end was missing

2021 was a turbulent year. Fashion companies have repeatedly faced pandemic restrictions.

The stationary retailers suffered from the lockdown in the first quarter immense loss of sales, Numerous shops had to close, the shopping streets were swept empty. At the end of the year it didn’t look particularly rosy either, because of the worsening 2G rules suffered that too Christmas sales.

But contrary to the fears of the last year remained the big one in the current year Bankruptcy wave out. The Federal Statistical Office recorded a total of 63 insolvency proceedings in the fashion trade from January to September, which corresponds to a decrease of 40 percent compared to the same period in the previous year. For clothing manufacturers, with the exception of fur clothing, a total of 15 corporate insolvencies were recorded. Here, too, there is a decrease of 37.5 percent compared to 2020. The downward trend is mainly due to the numerous special regulations, such as the suspended application for over-indebted companies.

Still, there have been some prominent bankruptcies and closings in the fashion industry that FashionUnited has rounded up for you.

No rescue in sight

Baumler

After the menswear retailer Baumler Had to file for bankruptcy in October of last year due to liquidity problems, the company closed down in January. The inevitable closure of the men’s fashion specialist, founded in 1934, resulted from an unsuccessful search for investors.

Saemann sports store

Also the Heilbronn retailer Sporthaus Saemann GmbH & Co. KG had to close its doors forever due to a lack of investors.

Promod

The French fashion retailer is also closing after almost 30 years Promod its stationary branches in Germany. The company’s insolvency proceedings started in May 2020, the reason being high sales losses as a result of the pandemic. The online business operated by the French Promod SAS will continue to exist.

CCC Germany

The shoe retailer has been since December 2020 CCC Germany in bankruptcy proceedings. After the participation of a strategic investor, there was hope that six of the 65 branches across Germany could continue to operate. In April, however, it was announced that the parent company HR Group will only continue to operate three locations.

Not over the mountain yet

Orsay

The clothing retailer based in Willstätt in Baden also recorded financial losses due to the pandemic Orsay GmbH. The company now wants to reorganize itself with a protective shield procedure.

Mime et moi

The Munich shoe label is also aiming for a renovation Mime et moi on. The insolvent company is looking for buyers due to the lack of willingness to finance the existing investors.

Escape bankruptcy

Hallhuber

After the fashion chain Hallhuber suffered from immense financial problems in the last year and applied for protective shield proceedings, the company was able to do so Leave the proceedings in May. Management is now back in the hands of managing director Rouven Angermann and chief financial officer Torsten Eisenkolb, and the 1,100 jobs have been secured.

Tally Weijl and Aktiv-Schuh

There was also good news for the German subsidiary of the Swiss clothing retailer Tally Weijl and the Berlin shoe retailer Active shoewho were both able to complete their bankruptcy proceedings.

Picard

The leather goods manufacturer founded in 1928 Picard also made it out of bankruptcy and is again capable of business under self-control.

Eagle

The year started bumpy for the textile chain Adler Modemärkte AG: at the beginning of January the company hired one Application for bankruptcy. The self-administered insolvency procedure was intended to ensure that the company was financially restructured and that the 170 branches in Germany and Europe would be retained.

The pandemic-related restrictions brought the fashion retailer into acute financial difficulties, which is why Adler in May demanded state supportSo that the restructuring of the company does not fail – a loan of ten million euros from the federal government followed.

A short time later came the Takeover by Zeitfracht. The Berlin conglomerate saved the fashion chain from the bankruptcy proceedings. The takeover followed Realignment of the companywhich resulted in the closure of 40 stores and the conversion of the Management team.

Not only German companies are affected

Beach master

The Austrian accessories retailer left in January Beach master insolvent. Due to the lockdown, the three stores could no longer generate any sales.

Pimkie

The shutdown of public life at the beginning of the year also hit the operator of the Pimkie branches hard in Austria. the PMA Modehandel GmbH had to file for bankruptcy. In Austria, the company is now focusing on online trading, 88 employees from 13 branches are affected by the closings. In March it was also announced that the Belgian subsidiary of the fashion chain Pimkie
Had to file for bankruptcy.

Pimkie Germany however, made it out of bankruptcy. After the company got into financial difficulties last year and a Had to apply for protective shield proceedings, the case was overturned in April.

Ralph and Russo

The corona pandemic led to the cancellation of numerous celebrations, weddings and red carpet events, which led to a drop in sales at couture and ready-to-wear labels. As a result, the British couture house also had to Ralph and Russo File for bankruptcy in March. Just a few months later, the brand was bought by the US investment firm Retail Ecommerce Ventures bought.