German fashion brand Closed gets a second chance: the family that owns Marc O’Polo and their supervisor Dieter Holzer are taking over the bankrupt label. The headquarters in Hamburg and the international network of 36 stores might be saved after all.
Reorganisation ahead
Closed filed for insolvency in early August after banks withdrew their confidence and credit lines. This left around 350 employees in limbo, as the company was no longer able to pay their salaries in full.
