Title: Görtz Shoe Store's Financial Struggles Continue
In the bustling retail landscapes of Germany and Austria, an unfortunate development has once again surfaced. Around 30 shoe stores now face potential job losses, as the company they're employed by has declared bankruptcy once more. This latest financial downturn for Görtz Retail GmbH occurred just a few short months after its July 2023 rescue.
The Hamburg-based shoe retail chain, Görtz, has found itself in this precarious situation. The Hamburg District Court initiated an insolvency proceeding for Görtz Retail GmbH, with Gideon Böhm from the law firm Münzel & Böhm appointed as the provisional insolvency administrator.
Reports from the "Bild" newspaper revealed that two of Görtz's branches had to close their doors temporarily due to unpaid rent arrears, causing the landlords to file eviction lawsuits.
This second financial crisis for Görtz Retail GmbH marks a challenging chapter in its history, following the conclusion of its first insolvency proceeding back in July 2023. At the time, investor Bolko Kissling injected capital into the 1875-founded Hamburg traditional company, expressing hope in its potential if the right partners and customer focus were secured. His sentiment was that post-restructuring, the company would embark on a journey toward a prosperous future, saving around 650 jobs in the branches, logistics, and head office.
At the onset of the initial insolvency proceeding in September 2022, Görtz Retail GmbH and its subsidiaries boasted a diverse workforce of around 1,800 employees, operating nearly 160 branches across Germany and Austria. In the subsequent months, the company saw numerous store closures, primarily due to mounting rent arrears. Currently, around 30 Görtz retail locations continue to operate in both countries.
The economic struggles of Görtz Retail GmbH have led to significant concern, as the company's bankruptcy declaration has threatened the jobs of around 30 employees. The current financial crisis is a stark contrast to the optimism expressed by investor Bolko Kissling in July 2023, who hoped that the company's restructuring would secure a prosperous future for the 1875-founded Hamburg traditional company.
