Overview
- The company applied on November 18 for self-administration at the Mönchengladbach district court to pursue a restructuring plan.
- Operations at the Jüchen headquarters and German retail locations continue under insolvency protection.
- Wages for roughly 700 employees are covered by insolvency pay through January 2026.
- Attorney Prof. Dr. Volker Römermann is guiding the process, and the Austrian and Swiss units are initially outside the proceedings.
- CEO Andrew Thorndike cites weak consumer demand and sector pressures as drivers, and industry reporting notes such procedures often entail cost cuts and store-network reductions.