Overview
- The insolvency proceeding in self-administration has been formally opened by the Mönchengladbach court.
- CEO Andrew Thorndike reports a robust shortlist of several mostly financial investors, with a buyer targeted to be chosen by the end of March.
- Interested parties are reviewing store-level details and drafting multi-year plans as due diligence progresses.
- Day-to-day trading continues with stores open and suppliers extending payment terms to keep goods flowing.
- Management expects to avoid mass layoffs or broad store closures across Polo’s roughly 90 locations and 700 jobs, supported by a restructuring team and court-appointed trustee Rainer Frölich.