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.
Shoe retailer from Osnabrück filed for bankruptcy at the end of March against the background of the crisis in the German footwear sector, which has led to a wave of bankruptcies in recent months; this example was subsequently followed by the Austrian and Swiss subsidiaries of the parent company Reno Schuhcentrum.
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