German department store chain Peek & Cloppenburg has filed for protection from creditors. The chain plans to reorganise in its German home market.
Only in Germany
Last Friday, the chain owning 140 shops in fifteen countries asked to be granted protection from creditors in Germany. However, Peek & Cloppenburg stresses that its foreign activities should remain unscathed for the time being. This debt protection allows the management, with the support of a judicial administrator, to reorganise the German branch and to attempt to reschedule its debts.
The company expects to carry out the reorganisation without layoffs. During the judicial reorganisation, all shops are supposed to remain open as usual. However, there has already been one casualty: CEO Edgar Hert is leaving the chain.
