Duesseldorf – Long-established German businesses Schuhhaus Klauser GmbH & Co. KG and Salamander Deutschland GmbH & Co. KG are planning an extensive restructuring as part of “protective shield” proceedings.
In a decision dated 13 December 2022, Wuppertal Local Court appointed CMS partner Dr Christian Holzmann as the preliminary creditors’ trustee for the two companies.
A total of some 950 full-time employees and 93 stores are affected. The companies got into difficulties due to a significant weakening of the economic environment and associated caution on the part of consumers. Business operations are continuing as usual. The management teams at both well-established brands retain full legal capacity. Staff wages and salaries have been secured through pre-financing of insolvency payments, covering December 2022 as well as January and February 2023.
The team headed by CMS partner Christian Holzmann has already formed an initial impression of the situation on the ground and reviewed the proposed rescue plan. The existing restructuring strategy will be supported going forward.
The current management team is being strengthened by lawyers Dr Sven Tischendorf and Dr Alexander Höpfner, who are both partners in law firm act AC Tischendorf Rechtsanwälte Partnerschaft mbB and specialise in complex restructuring cases and company rescues.
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