Employment - Fashion retailer Peter Hahn cuts jobs
Job cuts at fashion retailer Peter Hahn: around 600 jobs are to remain at the company headquarters in Winterbach (Rems-Murr district), as the company announced on Tuesday. The company did not say exactly how many jobs are to be cut when asked. A spokeswoman would not comment on details on Wednesday, as talks with the works council were ongoing. According to information from October, the fashion retailer employed a total of around 1000 people and recorded annual sales of around 350 million euros.
The company had applied for protective shield insolvency proceedings in October last year. The reasons given for this were the effects of the insolvency of a sister company and the general market situation in the mail order business. The main proceedings have now been opened as of January 1, 2024, the fashion retailer announced. The restructuring concept also envisages Peter Hahn breaking away from the previous group structure and becoming an independent company. The concept will be implemented from February.
"Restructure and focus business operations"
"With the new concept, Peter Hahn can continue to operate in the long term and restructure and focus its business operations," said Managing Director Daniela Angerer according to the press release.
The future of the individual stores is also part of the negotiations with the works council and other contractual partners, the spokesperson said. However, the branch business is only a small part of the business model and accounts for around four percent of sales. The existing financing banks continue to secure the company's financing. "No external investor will be joining Peter Hahn at the moment," said the spokesperson.
Peter Hahn sells fashion via catalog, online and in brick-and-mortar stores. The main target group is women over 45.
Announcement
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- The Works Council in Baden-Württemberg is currently involved in negotiations with Peter Hahn's management regarding the impact of the job cuts announced by the fashion retailer.
- Despite the company-wide downsizing, Peter Hahn continues to operate in the fashion industry, selling its products via catalog, online, and in physical stores, primarily targeting women over 45 years old.
- In response to the financial challenges, Peter Hahn, the Germany-based fashion retailer, has applied for protective shield insolvency proceedings and is restructuring its business operations, with the intention of becoming an independent company.
- The Internet has become an essential part of Peter Hahn's strategy, as the company continues to adapt to the changing dynamics of the global fashion trade.
Source: www.stern.de
