May 15, 2023
Peek & Cloppenburg Düsseldorf announced on May 12 the first restructuring measures of the bankrupt German fashion chain. In accordance with the announcements made at the beginning of the procedure concerning personnel, about 350 of over 1,500 jobs are to be cut in the central departments in Düsseldorf.
The company Peek & Cloppenburg KG is the first to be affected, with just over 200 of the 800 or so jobs at its headquarters being cut. The employees were informed on Friday morning.
“In order to bring our company back into a profit zone, it is necessary to restructure the organisation and reduce costs considerably,” explained Steffen Schüller, managing director and CFO of Peek & Cloppenburg KG, Düsseldorf.
The approximately 6,000 employees of Peek & Cloppenburg KG, Düsseldorf, who work in the company’s 67 sales outlets, are not affected.
“This was not an easy decision to make, but unfortunately it is a necessary step in our restructuring. With a decent payout as well as qualification and further training opportunities, we want to enable colleagues who have rendered great services to our company to move on to a new employment contract,” explains Thomas Freude, who is also managing director of Peek & Cloppenburg KG, Düsseldorf.
Sales in all 67 sales outlets in Germany as well as online should not be affected by the situation, the company says.
The end of the month also marks the end of the three-month insolvency proceedings, during which management would have laid the foundations for the restructuring of Peek & Cloppenburg KG, Düsseldorf. With the opening of the proceedings expected on June 1, 2023 by the competent district court in Düsseldorf, the plan is to continue the proceedings under independent management. As of this date, the company will pay the salaries of its employees in Germany on the basis of its current operations.
“In this new phase of the proceedings, we will continue the reorganisation”, explains lawyer Dirk Andres. The reorganisation plan, which is currently being developed, provides for all the details of the company’s reorganisation as well as an agreement with the creditors.
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