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rel Adler Modemärkte AG has submitted an application to open insolvency proceedings under a self-administration regime. The company announced this Sunday night. The objective is to reorganize the company through an insolvency plan. Business operations will continue to be conducted entirely under the supervision of an administrator. The application was submitted to the Aschaffenburg district court. The trigger is the considerable loss of sales due to the closure of almost all sales branches since mid-December 2020 as a result of the blocking of the Corona crisis. The resulting liquidity gap could not be closed by injecting capital through state support or investor funds.
The board of directors remains authorized to manage and dispose. This attorney has appointed Christian Gerloff as general agent of support. Adler Mode GmbH, Adler Orange GmbH & Co. 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 self-administration insolvency proceedings.
According to its own information, Adler Modemärkte AG currently operates 171 stores, 142 of them in Germany, as well as one online store. Thus, the group achieved a turnover of 495.4 million euros in 2019. As of September 30, 2020, it had around 3,350 employees.
