German retailer Reno completes restructuring
05.10.2023 4336

German retailer Reno completes restructuring

Once Germany's second-largest shoe retailer Reno, which filed for bankruptcy at the beginning of the year, has completed a partial restructuring, retaining more than 20 stores from its previous 180 stores in the country and more than 300 in Europe.

“This is a positive development for a procedure that initially did not offer much hope of a remotely satisfactory outcome,” commented insolvency trustee Immo Hamer von Waltje of law firm InsoTreu. “By retaining more than 20 stores, including nine that will continue to operate under the Reno name, the traditional Reno brand will be able to continue to exist after the completion of the insolvency proceedings.”

Meanwhile, media reported that the number of creditors with claims against the company has increased from 520 to more than 600, and the total value of claims has risen from 33 million euros to almost 100 million euros since the audit date on August 14.

The Osnabrück-based shoe retailer filed for bankruptcy in late March amid a crisis in the German footwear sector that has led to a wave of bankruptcies in recent months. Austrian and Swiss subsidiaries of parent company Reno Schuhcentrum subsequently followed suit.

Germany's once second-largest shoe retailer Reno, which declared bankruptcy at the beginning of the year, has completed a partial restructuring, retaining more than 20 stores from the 180 previously operating in the country and...
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