There have already been a number of prominent bankruptcies this year. In addition to the department store group Galeria and the KaDeWe Group, the tour operator FTI, the fashion chain Esprit, the cosmetics retailer The Body Shop and the decoration house Depot have also filed for bankruptcy. By 2023, the number of company bankruptcies had already risen significantly compared to the previous year. The reasons for this are, on the one hand, acute economic difficulties related to inflation, energy prices and high costs.
During Corona, many bankruptcies were only postponed
In addition, government support measures from the Corona years, which artificially kept some companies afloat when they were actually no longer economically viable, have expired. The obligation to file for insolvency was also partially suspended during the Corona crisis.
Fashion retailers, for example, are particularly hard hit. In addition to acute crises, they are also struggling with the general trend towards online shopping. Even big players like H&M have been thinning out their branch network for several years, while others have had to reposition themselves in the event of insolvency or give up altogether. As early as 2022, 102 textile retailers and manufacturers filed for insolvency, reports the industry magazine “Textilwirtschaft”. Industry giants such as Peek & Cloppenburg and shoe retailer Reno followed suit in 2023. Not to mention the tragedy surrounding Galeria. Our photo gallery shows which well-known companies have recently had to take refuge in protective shield proceedings or file for bankruptcy.
Source: Stern
