Fashion chain Adler is insolvent
German fashion chain Adler has filed for insolvency. According to the company, which also operates two stores in Switzerland, the reason was a drop in sales as a result of the Corona pandemic.
According to Adler Modemärkte AG, the closures of almost all sales outlets, which have been ongoing since mid-December 2020, have led to significant sales losses. This was now the trigger for the insolvency application.
In addition to Adler Modemärkte AG, the subsidiaries Adler Mode GmbH, Adler Orange GmbH & Co. KG and Adler Orange Verwaltung GmbH have also filed for insolvency. Other domestic and all foreign subsidiaries are not affected and continue their business in the normal course of business unchanged, the company emphasizes.
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, is considered one of the largest fashion retailers in Germany. The company currently operates 171 fashion stores, 142 of which are in Germany, 24 in Austria and three in Luxembourg. Two stores are located in Switzerland: at Comercialstrasse 20 in Chur (GR) and at Weidstrasse 13 in Wilen bei Wil (TG).
The company announced that it intends to restructure itself in self-administration via an insolvency plan. The business operations of the store chain are to be continued in full under the supervision of a so-called administrator. The Management Board remains authorized to manage and dispose of the company and will be assisted by a general representative. (ah)
