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2mo ago

Mäc Geiz Files for Court-Supervised Insolvency, Keeps Stores Open

A cash squeeze from lapsed supplier insurance prompted a review that could close unprofitable shops.

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An einer Hauswand in Berlin hängt das Schild des Non-Food-Discounters Mäc Geiz. Die Kodi Beteiligungs GmbH, zu der auch der Discounter Kodi gehört, übernimmt die Kette. (zu dpa: «Mäc Geiz stellt Insolvenzantrag»)
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Overview

  • Mäc Geiz, which filed Tuesday at the Halle (Saale) court, entered self-administration so it can restructure under oversight.
  • Roughly 180 to 183 stores will keep trading for now as every location is checked for profitability and possible closure.
  • About 1,175 to 1,200 employees will receive three months of pay through Germany’s insolvency wage scheme.
  • The court appointed attorney Lucas Flöther as provisional trustee, and AndresPartner is advising CEO Rüdiger Grommes and COO Frank Tepaß.
  • Reports tie the cash crunch to the end of trade-credit insurance via Markant/Allianz Trade and to weak non-food demand, only months after Kodi’s takeover in February.