The pandemic has sent Peter Kaiser to the threat of bankruptcy
Peter Kaiser has filed a petition with the Pirmasens District Court to develop an action plan to avoid bankruptcy proceedings. According to the company's managers, Peter Kaiser was brought to a pre-bankruptcy state by the Covid-19 quarantine, and as a result, a decrease in consumer demand and a drop in sales volumes, writes German Shoez.
The district court has already appointed the company an anti-crisis manager.
“Despite the initiated restructuring procedure, Peter Kaiser's business activity has not been suspended. Our goal is to restructure the company, - emphasized Martin Mucha, partner from the law firm Grub Brugger, who became the general representative of the company during the trial and provides support in the process of its restructuring.
“Peter Kaiser is a well-known and sought-after brand of high-quality women's shoes and accessories, this company has a great market potential, I believe it is possible to restructure the company and restore its stable development in the long term,” Mukha stressed.
The wages of workers at the Peter Kaiser factory in Pirmasens are secured until the end of November.
The bankruptcy procedure does not apply to Peter Kaiser Retail, which develops retail and online sales of products under the Peter Kaiser brand, and to the brand's shoe factory in Portugal.
“We are very sorry that we had to take this difficult step for us. We successfully sold our collections until the coronavirus hit us, and not only paralyzed our production in Germany and Portugal for several weeks, but above all, stopped our sales in traditional retail, - explained Stefan Frank, managing director of the Peter Kaiser shoe factory. ... “We were able to sell shoes online, but customer demand was low. Even after the quarantine was lifted, sales recovered only partially. " Stefan Frank explains the low level of consumer demand after the lifting of the quarantine by the general uncertainty of people in the future and, as a consequence, by their lack of desire to consume.
Peter Kaiser Is the oldest manufacturer of women's shoes in Europe, the company was founded in 1838 and has two production sites in Germany (in Pirmasens) and Portugal (in Felgeiras). The company annually produces about 750000 pairs of women's shoes, 50% of which is exported. The company's revenue in 2019 was 48 million euros. Peter Kaiser employs 200 people in Pirmasens, with a total of around 650 employees.
Peter Kaiser has filed a petition with the Pirmasens District Court to develop an action plan to avoid bankruptcy proceedings. According to the company's managers, to ...
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