DGAP-Ad-hoc: Adler Modemärkte AG / Key word(s): Insolvency
Haibach (near Aschaffenburg), 12 January 2021 - Today, the local court of Aschaffenburg approved the application of Adler Modemärkte AG (ISIN DE000A1H8MU) of 11 January 2021 and opened (preliminary) insolvency proceedings in self-administration pursuant to Section 270b (1), (2) of the German Insolvency Code, new version.
Within the scope of the preliminary self-administration, the business operations of Adler Modemärkte AG shall be continued in their entirety and the company shall be restructured by means of an insolvency plan. The management board of the company will continue to have the power of administration and disposition. For its support, the management board has appointed the lawyer Dr. Christian Gerloff, who is an established expert in the textile retail sector with extensive experience in restructuring and insolvency cases, as general representative. The court has appointed the lawyer Tobias Wahl, Anchor Rechtsanwälte, as preliminary custodian (Sachwalter).
The local court of Aschaffenburg also approved the applications of the subsidiaries Adler Mode GmbH, Adler Orange GmbH & Co. KG and Adler Orange Verwaltung GmbH for the opening of (preliminary) insolvency proceedings in self-administration pursuant to Section 270b (1), (2) of the German Insovlency Code, new version and appointed also Tobias Wahl, Anchor Rechtsanwälte, as preliminary custodian (Sachwalter).
Adler Modemärkte AG press enquiries and investor relations:
Media und Investor Relations
Tel.: +49 (0)69 97 12 47-33
Information and Explanation of the Issuer to this News:
About Adler Modemärkte AG:
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2019, the Group generated revenue of €495.4 million and EBITDA of €70.3 million. As at 30 September 2020, ADLER employed a workforce of around 3,350 and currently operates 171 stores, 142 of which are located in Germany, 24 in Austria, three in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 55 and over.
For more information: www.adlermode-unternehmen.com; www.adlermode.com
12-Jan-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||Adler Modemärkte AG|
|Industriestraße Ost 1-7|
|Phone:||+49 (0) 6021 633 0|
|Fax:||+49 (0) 6021 633 1299|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1160148|
|End of Announcement||DGAP News Service|
1160148 12-Jan-2021 CET/CEST