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.