Glasses, cutlery, cushions and fairy lights: Depot had almost everything that made the heart of an interior designer beat faster. Now the company is in trouble and wants to restructure itself.
The struggling furniture and home accessories retailer Depot has filed for bankruptcy and wants to restructure itself with the help of a protective shield procedure. The company behind the Depot branch network, the Gries Deco Company, based in Niedernberg in Lower Franconia, announced this on Tuesday. In the protective shield procedure, an insolvency plan submitted at an early stage is intended to facilitate the restructuring, and the company can appoint the administrator for the insolvency procedure itself.
The aim is to “align the company sustainably with the new market conditions, particularly in close cooperation with the landlord and supplier base,” explained the Gries Deco Company. Sven Tischendorf and Alexander Höpfner, two “market-renowned and very experienced protective shield experts, particularly in the retail sector,” have been appointed to the management board. At the beginning of the year, company founder Christian Gries had already taken over the top job again.
From Galeria to Weltbild
These well-known companies have filed for bankruptcy
Depot wants to be protected
“The path of the protective shield procedure was very well prepared and deliberately chosen,” explained Gries. “We will approach everyone involved very quickly – especially employees, landlords, suppliers and business partners – and discuss the next steps together.” The company and its business model are therefore to be set up for “sustainable” success. The Aschaffenburg District Court has already approved the protective shield procedure.
The company says it operates more than 300 branches in Germany and is also active in Austria and Switzerland. In Germany, it employed an average of 4,400 people last year. During the protective shield procedure, business operations will continue without restrictions and wage payments have so far been secured until September, the group explained. The insolvency plan should therefore be available this year if possible.
Source: Stern
