DGAP-News: Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG / Key word(s): Disposal/Forecast
LUDWIG BECK sells WORMLAND segment. The core activities are again in the foreground
Munich, 15 April 2019 - Munich Fashion Group LUDWIG BECK (ISIN DE 0005199905) has parted company with the men's fashion chain WORMLAND, which it has owned since 2015. The sale process initiated at the end of January has now reached the hoped-for swift conclusion.
Under the purchase contract signed on April 15, 2019 all interests in THEO WORMLAND GmbH & Co. KG held by Ludwig Beck Unternehmensverwaltungs GmbH will pass to WL Erwerbs GmbH in a management buy-out (MBO). The closing date of the purchase contract is planned for April 30, 2019. WL Erwerbs GmbH is wholly owned by three WORMLAND managers. The buyer will acquire WORMLAND free of bank liabilities with an additional payment of approx. EUR 7.5m. The buyer has agreed to inject new equity of approx. EUR 0.5m.
For LUDWIG BECK this transaction will provide a stable footing for the continuing process of restructuring WORMLAND and steering it back to its former profitability. Although there were several prospective buyers, for WORMLAND's staff and the company's sense of identity the choice of buyer must be seen as very fortuitous.
Adjustment to forecast for 2019
"Focusing on our core activities will enable us to hold our own in the unrelenting predatory competition in the fashion sector", says board member Dieter Münch.
For further information on all aspects of the company and its share, please visit our website at https://kaufhaus.ludwigbeck.de/en/home.
About LUDWIG BECK
LUDWIG BECK is located in the heart of Munich, directly at Marienplatz. On seven floors the Munich fashion company showcases international fashion, leather goods and accessories, exclusive cosmetics and with over 120,000 titles Europe's largest onsite collection of classical, jazz and world music and audiobooks.
15.04.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Ludwig Beck am Rathauseck-Textilhaus Feldmeier AG|
|Phone:||+49 (0)89 2 36 91-0|
|Fax:||+49 (0)89 2 36 91-600|
|Listed:||Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart, Tradegate Exchange|
|EQS News ID:||800219|
|End of News||DGAP News Service|