Outdoor chain McTrek, owned by the AS Adventure Group, has filed for judicial reorganisation in Germany. A curator is investigating to what extent the retailer can be saved through restructuring.
In search of reorganisation
McTrek’s parent company Yeah, acquired by the Belgian AS Adventure Group in 2017, has initiated insolvency proceedings. The demand has been accepted by a German insolvency court and Thomas Rittmeister, a reorganisation expert, was appointed to oversee the process. He will have to examine the company's situation and examine the possibilities for restructuring.
The chain is another victim of the corona crisis: all 43 German stores are currently closed, as is the webshop. The online shop should however be reopened as soon as possible, says Rittmeister. The current health crisis nonetheless prevents him from from other long-term forecasts, Focus magazine reports.
Even before the coronavirus outbreak, the outdoor retailer faced financial problems : in 2018 Yeah recorded a loss of 3.6 million euros and a saw its turnover fall to just 50.5 million euros. Thanks to the insolvency proceedings, the wages of the 420 employees should be provisionally guaranteed by the Federal Employment Service.