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German Clothing Brand Gerry Weber Announces Bankruptcy
The South German newspaper reported on January 25th that Gerry Weber, a German fashion company, had filed an application for bankruptcy proceedings under self management to the Billy field regional court.
In order to save money, the fashion company has slashed the number of stores and closed 230 stores.
But in fiscal year 2017/2018, the company's pre tax losses were about 192 million euros, and sales fell sharply.
Negotiations with financing banks have failed.
According to the current situation, the company's business can only be maintained until 2020.
The company expects to resume operation through restructuring.
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2019/1/29 10:18:00
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