Gerry Weber begins insolvency proceedings to save business

ELIAS JAHSHAN | January 28, 2019

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Gerry Weber has applied for the court order of preliminary insolvency proceedings under self-administration after talks with its finance partners broke down.The requested preliminary insolvency exclusively applies to the parent company Gerry Weber International AG, which employs around 580 staff and puts their jobs at risk.The self-administration aspect of the proceedings means Gerry Weber’s managing board will remain in office with all powers and responsibilities, pending the court’s approval. The German fashion retailer, which trades in various countries including the UK, said in a statement on its investor relations website that the failed negotiation talks with financing partners had been aimed at guaranteeing financing and setting it on a consistent and sustainable foundation.

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