Status: 02/17/2023 4:43 p.m
The insolvent shoe retailer Görtz has found a new investor. Who it is has not yet been announced. The Hamburg-based company had closed around half of the branches and cut hundreds of jobs as part of the renovation.
The Hamburg shoe retailer Görtz, which went bankrupt in the Corona crisis, has found an investor. After talks with numerous interested parties, the provisional creditors’ committee decided on a “private investor with Hamburg roots,” said the Finkenhof law firm, which had advised Görtz. The investor submitted the continuation concept that was most interesting for the creditors and the most viable offer. A corresponding investor agreement has already been signed. The law firm did not name the investor.
Restructuring plans for the implementation of the agreement reached are now to be submitted to the insolvency court, on which the creditors will then finally vote. The management around Frank Revermann and Tobias Volgmann should remain in office in the future, reports the “Wirtschaftswoche”. Through the agreement with the investor, Görtz is “closer to the goal of successfully completing the restructuring process under self-administration,” said Finkenhof.
Extensive refurbishment
Görtz had been extensively renovated. The traditional company, founded in 1875, had already suffered massively during the Corona pandemic. In the course of the renovation, 1,300 of the original 1,800 employees remained at Görtz. It is estimated that around half of the 160 branches in total were closed, including numerous flagship branches. At many of the remaining locations, concessions were negotiated with the landlords.
The company itself says: “The investor is convinced of the potential of the business model based on an increasing interlocking of the channels, especially with a view to a now optimized Germany-wide branch network.” Görtz is a brand with a lot of potential, emphasizes company boss Revermann. “There is still some homework to be done, such as the implementation of the recovery plan, but we are starting the new future full of vigour.”