Gerry Weber International : applies for court order of preliminary insolvency proceedings under self-administration
January 25, 2019 at 07:20 am
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DGAP-Ad-hoc: Gerry Weber International AG / Key word(s): Insolvency
Gerry Weber International AG applies for court order of preliminary insolvency proceedings under self-administration
25-Jan-2019 / 13:18 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Ad-hoc announcement pursuant to section 17 MAR
GERRY WEBER International AG applies for court order of preliminary insolvency proceedings under self-administration
(Halle/Westphalia, 25 January 2019) Today, GERRY WEBER International AG applied for the court order of preliminary insolvency proceedings under self-administration according to § 270 a InsO at the responsible local court Bielefeld, aiming at successfully restructuring the company through the ongoing restructuring program. The requested preliminary insolvency exclusively applies to the mother company GERRY WEBER International AG with about 580 employees; all subsidiaries including HALLHUBER are excluded from the request. Within the scope of the preliminary self-administration, business operations of GERRY WEBER International AG would be continued entirely at normal course. According to the current status, the continued financing of operations is safeguarded until the year 2020. The Managing Board would remain in office with all powers and responsibilities, ensuring operations. A decision by the local court on the opening of the preliminary insolvency proceedings is expected within today.
The application for the court order of preliminary insolvency proceedings under self-administration was triggered by failed negotiation talks of GERRY WEBER Group with its financing partners, aimed at guaranteeing group financing and setting it on a consistent and sustainable foundation.
The Managing Board
Notifying Person:
Florian Frank
Member of the Managing Board
Phone: +49 5201 185-140
ir@gerryweber.com
25-Jan-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Gerry Weber International AG is a Germany-based fashion and lifestyle company with focus on apparel for women. The Company owns the brands GERRY WEBER, TAIFUN and SAMOON. It operates through two segments: GERRY WEBER Core Retail and GERRY WEBER Core Wholesale. The GERRY WEBER Core Retail segment comprises retail of the brands GERRY WEBER, TAIFUN and SAMOON. The GERRY WEBER Core Wholesale segment includes wholesale activities of the brands GERRY WEBER, TAIFUN and SAMOON. The Company is active in Germany, the Netherlands, Belgium, France, Spain, the United Kingdom and Canada, among others.