The clothing retailer TK Fashion Group GmbH is about to end its insolvency proceedings. On July 6, the creditors “unanimously approved the submitted insolvency plan”, the law firm White & Case Partners announced on Friday. A repeal of the insolvency proceedings by the district court in Bonn can now be expected “at the end of July 2023”.
The restructuring expert Biner Bähr from White & Case Partners had guided the retailer through the process as administrator. He was satisfied with the solution that has now been found: “TK Fashion has been able to master the last few months thanks to the high level of loyalty and commitment of its employees and the unrestricted trust of customers and suppliers,” he explained in a statement. “Thanks to the insolvency plan procedure, the company was able to position itself more competitively on the market again.”
TK Fashion Group was founded in 2014. Among other things, it operates the favorite place retail chain, which has an online shop and several branches in North Rhine-Westphalia. The company had to file for bankruptcy at the end of February.
Thomas Kronefeld, the founder and managing director of TK Fashion, is confident about the future after the latest reforms: “Our current performance shows that we have taken the right steps. We have faced the challenges brought on by the pandemic and the economically challenging period that followed,” he said in a statement. “We have developed a restructuring plan which has now been accepted and confirmed by our business partners. The first successes of our streamlined and more efficient organization are very promising.”