Insolvent retail chain
Decorative chain Depot is closing numerous branches
The trading company Depot is repositioning itself in the wake of bankruptcy. The result: The branch network shrinks to well under 300 stores.
The insolvent decoration retailer Depot is closing at least 27 branches in Germany by the end of the year. The retail company’s managing director, Christian Gries, told the German Press Agency. 17 have already been closed. The branch network will shrink to 285 stores. It is likely that more will be closed. Negotiations with some landlords are still ongoing. “We will consistently close stores from which we do not make money,” said Gries.
Most of the affected employees will be transferred to other branches. Around 50 of the 3,550 employees will lose their jobs with the planned closure of the 27 branches. At the company headquarters in Niedernberg, Lower Franconia, the number of employees has been reduced from around 650 to 500 since the beginning of the year, it is said.
Depot is a subsidiary of Gries Deco Company (GDC). The chain struggled with difficulties during and after the Corona period. Due to impending insolvency, insolvency under self-administration was filed in July.
According to the company, the goal is to be able to return to regular operations by mid-2025 at the latest. At the same time, Depot is also working on the product range and on a new positioning. “We have to become a concept store,” the company boss told “Welt”. Consideration is being given to including brands in the range. The existing portfolio, in turn, has been streamlined. “There are certainly 30 percent fewer items in the stores now than before,” Gries told the newspaper.
dpa
Source: Stern
