From Galeria to Tupperware
These well-known companies filed for bankruptcy in 2024
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Fashion chains, tour operators, brand manufacturers: numerous well-known companies slipped into bankruptcy in 2024 – and are now facing an uncertain future.
There have been a number of high-profile 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 store Depot have also filed for bankruptcy. As early as 2023, the number of company bankruptcies had clearly increased compared to the previous year. The reasons are, on the one hand, acute economic difficulties in connection with inflation, energy prices and high costs.
During Corona, some insolvencies were just postponed
In addition, government support measures from the Corona years have expired, which artificially kept some companies afloat that were actually no longer profitable. The obligation to file for insolvency was also partially suspended during the Corona crisis.
Fashion retailers, for example, are severely affected because, 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, others have had to reorganize themselves in bankruptcy or give up entirely. As early as 2022, 102 retailers and manufacturers of textiles have applied for insolvency proceedings, reports the industry magazine “Textilwirtschaft”. In 2023, industry giants such as Peek & Cloppenburg and shoe retailer Reno followed, among others. Not to mention the tragedy surrounding Galeria. Our photo series shows which well-known companies have recently fled into protective shield proceedings or had to file for bankruptcy.
Source: Stern