German shoe retailer Görtz filed for bankruptcy
The shoe retailer Görtz has been restructured. The parent company Ludwig Görtz GmbH has applied for a protective shield procedure in the municipality, the company announced on Tuesday. In relation to two subsidiary structures, bankruptcy proceedings have also been initiated in the manner of self-government.
Business operations at the branches, the Görtz headquarters in Hamburg and the two central warehouses continue without restrictions. “All stores are open,” the message says.
The wages of about 1800 employees for September, October and November are provided by the Federal Employment Agency. “From December 2022, Hertz will again pay salaries out of his own funds.”
The restructuring procedure involves the parent company and the subsidiaries Görtz Retail GmbH and Görtz Logistik GmbH. The company has about 160 branches in Germany and Austria. The Hamburg District Court, which handles insolvency cases, has appointed Hamburg lawyer and restructuring expert Sven-Holger Undritz from the restructuring and insolvency law firm White & Case as interim administrator. The representative of the court confirmed the opening of three preliminary proceedings.
The shield procedure is a special form of self-managed company restructuring in which the previous management retains control over the fate of the company. The management remains in their posts, supervision is carried out by a trusted person.
Management wants to develop a restructuring plan in the next three months. “If the creditors agree to this plan and the court upholds it, the conservation and sustainability of Görtz will be ensured.”
It is known that in April last year, the shoe chain Ludwig Görtz received a state support loan of 28 million euros to compensate for the economic damage caused by the coronavirus pandemic, but this measure, apparently, could not save the business.
Görtz was founded in 1875 and operated 160 stores in 90 cities.
The shoe retailer Görtz has been restructured. The parent company Ludwig Görtz GmbH has applied for a protective shield procedure in the municipality, the company announced on Tuesday. AT…
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