The German subsidiary of discount retailer Pepco has successfully completed its insolvency proceedings: the chain is resuming operations after a major restructuring. The number of stores has almost halved.
Slimmed down and new management
The insolvency proceedings under Pepco Germany GmbH’s own management will end on 28 February, the company reports. This marks the end of a turbulent period for the retailer, which officially began on 1 October last year. In the past period, the discounter reduced the number of stores in Germany from 64 to 36 and the workforce from 500 to around 350 employees.
Nevertheless, what remains should form a solid basis for future profitable growth, according to the organization. Creditors agree, as they unanimously approved the insolvency plan that was presented.
Christian Stoffler, who acted as restructuring administrator during the insolvency proceedings, is stepping down from his position. He looks back positively on the process: “Pepco Germany is an example of a quick and effective restructuring under its own management.” According to him, all the conditions are met for a successful restart.
The day-to-day management of Pepco Germany will be taken over by Daniel Blaumann. In addition, Jorge Gervasi, COO Western Europe, and Ľubica Poláková, responsible for Finance, will join the management team.
