The company said the move is intended to accelerate a restructuring that has already begun
The German clothing and other fashion items trading chain “Peek & Cloppenburg” (Peek & Cloppenburg) requested protection from creditors in a court in Dusseldorf, citing the difficult market situation, DPA reported, quoted by BTA. This borders on de facto declaring bankruptcy.
The company said the move is intended to accelerate a restructuring that has already begun. At this stage, the company’s stores remain open and there are no plans to close them, according to Pick & Kloppenburg.
The protection request is intended to allow the company to more quickly roll out the reforms it has begun under the supervision of a court-appointed interim administrator, the firm said.
The step was taken after a serious drop in sales during the pandemic in 2020 and 2021. “We received a serious blow” that cost us hundreds of millions in losses, says Steffen Schuller, who has headed the company since June 2022. In the words his company’s problems continue due to the war in Ukraine and increased prices and interest rates.
In Bulgaria there are “Pick & Kloppenburg” stores in almost every mall.
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