Adler Modemärkte AG has filed for insolvency proceedings within the municipality. The company announced it on Sunday night. The goal is to reorganize the company through an insolvency plan. Business operations will continue to be fully conducted under the supervision of the administrator.
The application was submitted to the district court in Aschaffenburg. The trigger is a significant loss of sales due to the closure of almost all sales branches since mid-December 2020 due to the blockade of the Corona crisis. The resulting liquidity gap could not be closed by injecting capital through state aid funds or through investors.
The Board of Directors remains entitled to administer and dispose of them. This lawyer appointed Christian Gerloff as general support agent. The supplier Adler Mode GmbH, Adler Orange GmbH & Co. KG will then get in touch with you shortly. KG and Adler Orange Verwaltung GmbH, each of which is a wholly-owned subsidiary, have also decided to apply to the Aschaffenburg District Court for insolvency proceedings before the municipality.
According to Adler Modemärkte AG, it currently operates 171 stores, 142 of them in Germany, as well as an online store. Accordingly, the group achieved a turnover of 495.4 million euros in 2019. As of September 30, 2020, it had approximately 3,350 employees. (DPA)