For the time being, the end of the Adler fashion markets is averted. The now existing insolvency plan is a “central milestone” according to the ailing traditional group.
For the insolvent textile chain Adler Modemärkte, the future seems secure for now. The creditors and the bankruptcy court in Aschaffenburg had approved an insolvency plan, Adler announced on Wednesday at the company’s headquarters in Haibach.
The company described the agreement as a “central milestone” in saving the traditional company. More than 2,600 of the 3,100 jobs and over 130 locations were retained after the investor concept was implemented. The concept presented by the Berlin conglomerate Zeitfracht Logistics GmbH as an investor was unanimously approved.
The district court of Aschaffenburg confirmed the company’s information. Creditors’ meetings for the parent company Adler Modemärkte AG and two subsidiaries took place on Monday. In all proceedings there was a judicial confirmation of the insolvency plans.
The aim is now to end the self-administered insolvency proceedings that were opened on July 1 and applied for seven months ago by the end of August. The insolvency plan also provides for the debt relief of the company and the continuation of operational business with more than 100 German and 29 foreign fashion branches – 24 of them in Austria, three in Luxembourg and two in Switzerland. The Adler board, headed by Thomas Freude, will remain in office, but will be supported by Zeitfracht managers Melody Harris-Jensbach and Wolfram Simon-Schröter.
In the course of a capital cut to zero and a subsequent capital increase, Zeitfracht is to become the sole company of Adler. Previous shareholders left – their papers, which are only quoted in the cent range anyway, are becoming worthless. The Adler shares will be removed from the stock exchange.
The Zeitfracht group of companies from Berlin has not yet been represented in the textile retail sector. It specializes in logistics solutions and is active as a book wholesaler. The expansion of the online business should help with the restructuring of Adler, and there should be more to buy in the Adler branches in the future. According to Zeitfracht, the Adler stores already carry a large range of non-textiles, and the range is to be expanded.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
