PEEK & Cloppenburg: Comeback after bankruptcy - that's how the fashion house is today!
PEEK & Cloppenburg: Comeback after bankruptcy - that's how the fashion house is today!
The fashion chain Peek and Cloppenburg, which has retained a long tradition and can trace its roots back to 1869, had to register bankruptcy in March 2023. This was due to the massive financial damage resulting from Corona pandemic and the increased energy costs in connection with the Ukraine conflict. Managing Director Steffen Schüller said that the company has suffered losses in the three -digit millions.
Overall, the claims of the creditors amounted to around 380 million euros, of which almost 187 million euros in Corona loans from the KfW bank made up. As part of an bankruptcy plan, it was agreed that Peek and Cloppenburg will repay 50 million euros to the creditors and also participation in the company's profits for the next two years. This represents an important step for the future of the manufacturer.
measures to stabilize
A first step in this self -governing bankruptcy proceedings was the dismissal of 350 employees at the company headquarters, which employs a total of 1,500 people. Nevertheless, the company did not have a job cuts in its 160 global sales houses, so that no business was closed. On the contrary, P&C even expanded and opened new branches in Bonn and Berlin. However, a planned opening of a sales stand in Milan was unsuccessful after the announcement, and inquiries on the part of the T-online remained unanswered.
Change in corporate culture continued: In addition to the dismissal of employees, the conversion of the corporate structure was further advanced. The new JC Switzerland Holding should be founded in Switzerland to bundle all subsidiaries. However, a spokesman for the company rejected the accusation that this was primarily about tax avoidance. Rather, the restructuring aims to simplify the existing structures and create better coordination.
digital expansion and challenges
P&C has set itself ambitious goals, in particular the expansion of the online trade should continue to be promoted. Despite the progress, the online shop of Peek and Cloppenburg remains in comparison to specialized providers such as Zalando and About You, regarding the number of access. The performance of Breuninger, which operates an online shop, similar to P&C, also exceeds that of Peek and Cloppenburg.
Despite these challenges, the company stabilized last year and expects 28 million euros for 2024 profits. This shows that Peek and Cloppenburg, although it had to go through turbulence, is on the way to a renewed consolidation of the financial situation. www.t-online.de reports , this is a positive sign of the future of the company, which must assert itself in a competitive industry.