Gerry Weber files for bankruptcy under self-administration

Troubled fashion retailer Gerry Weber International Ag has applied for the court order of preliminary insolvency proceedings under self-administration at the Bielefeld court, aiming at successfully restructuring the company through the ongoing restructuring program. The company said in a statement on its investor relations website that this move was triggered by failed negotiation talks with its financing partners, aimed at guaranteeing group financing and setting it on a consistent and sustainable foundation.

The requested preliminary insolvency exclusively applies to the parent company Gerry Weber International AG having around 580 employees and all subsidiaries including Hallhuber are excluded from the request.

The company added that within the scope of the preliminary self-administration, business operations of Gerry Weber would be continued and that according to the current status, the continued financing of operations is safeguarded until the year 2020.

Picture:Facebook/Gerry Weber