Entertainment restructuring planned: Adler Modemärkte reports bankruptcy

08:15  11 january  2021
08:15  11 january  2021 Source:   handelsblatt.com

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Chapter 11: Bankruptcy restructuring . This is the currently selected item. But bankruptcy plans are usually of one or more varieties. It's essentially just saying, well, we need to value these assets, right?

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The fashion retailer was no longer able to compensate for the loss in sales resulting from the current lockdown. The company is striving for a procedure in individual administration in order to reorganize itself.

2019 setzte die Adler Modemärkte AG nach eigenen Angaben 500 Millionen Euro um. © dpa 2019, Adler Modemärkte AG reported a turnover of 500 million euros.

The fashion retailer Adler Modemärkte AG applies for bankruptcy. The company announced on Sunday evening that the aim was a self-administered procedure to reorganize the company. The business operations should be continued in full under the supervision of an administrator. The application was submitted to the Aschaffenburg district court.

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Press Release from Adler Modemärkte AG. ADLER Aims to More than Triple E-Commerce Revenue by 2023. Strategy Update for ADLER 's Online Shop Clear focus on ADLER 's online clients' needs. Adler Modemärkte AG press enquiries and investor relations Jasmin Dentz Investor Relations Tel.

Report this Document. Description: Restructuring Strategies and Post- Bankruptcy Performance. Copyright: © All Rights Reserved. classes in the reorganization plan is significantly negatively related to the improvement in operating performance.112 For their sample from 1991 through 2004, Lemmon

The trigger for the application was "the considerable loss of sales due to the closings of almost all sales branches since mid-December 2020 as a result of the new Covid-19 lockdown". Despite intensive efforts, it was not possible to close the resulting liquidity gap by injecting capital through state support funds or through investors.

"The renewed Corona-related closure of almost all locations has unfortunately left us no other choice," said CEO Thomas Freude. "We will do everything we can to maintain business operations and to reorganize Adler as quickly as possible and to lead it back into a positive future."

The board of directors remains authorized to administer and dispose of. This lawyer has appointed Christian Gerloff as general agent for support. Adler Mode GmbH, Adler Orange GmbH & Co. KG and Adler Orange Verwaltung GmbH, each of which are wholly owned subsidiaries, have also decided to apply to the Aschaffenburg District Court to open insolvency proceedings under self-administration.

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"A very deep restructuring , by any measure. Media reporting ahead of Sunday's board meeting was intense, yet the announcements still surprised in Citi, in a research note, termed the restructuring plan as setting "optimistic targets." "In a well-telegraphed announcement after two weeks of media

This report accordingly provides a primer for Members and their staffs on the basics of U.S Nor may a bankruptcy court confirm a proposed Chapter 11 plan unless it either (1) satisfies a requirement Obtaining confirmation of a plan over the objection of impaired creditors in accordance with Section

According to its own information, Adler Modemärkte AG currently operates 171 stores, 142 of them in Germany , as well as an online shop. There are other markets in Austria, Luxembourg and Switzerland. The focus was on the age group 55 and over.

Already in the red since 2019

2019 the fashion retailer had a turnover of almost 500 million euros. As of September 30, 2020, the company had 3350 employees.

At the beginning of November, Adler Mode reported a "noticeable upward trend". However, liquid funds had already shrunk to 24.8 (end of 2019: 70) million euros at the end of September. Adler survived the first lockdown in the spring with short-time work and a loan secured with a government guarantee. The company had drawn 45 million euros of this at the end of October.

Sales shrank in the first nine months by a third to 239 million euros, the net loss grew to 63 (10) million. However, Adler was already in the red in 2019.

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It went into bankruptcy , and it was determined that these assets that it had right here, that it made no sense operating them as a company. And then the bankruptcy court essentially just decided to liquidate it. And we learned that the debt holders were actually more senior to the equity holders.

Adler Modemärkte AG. 56 likes · 1 talking about this · 41 were here. Adler Modemärkte AG (Wals, Austria). Shopping & Retail in Wals, Salzburg, Austria.

The company could not rely on its majority shareholder: S&E Kapital, which holds almost 53 percent of the shares, had been trying to sell its stake for months. Behind S & E are Steilmann SE, which has been insolvent for a good four years, and the financial investor Equinox.

Many companies in the fashion industry were not doing well even before the corona crisis. They had little to counter the triumph of online retailing and the success of fast fashion providers such as Primark or Zara. The coronavirus hit victims of manufacturers and retailers who had previously been damaged, so to speak, when it caused nationwide shop closings in Germany in spring 2020.

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