Insolvency proceedings for Spiele Max: lawyer examines restructuring
Following the insolvency of the insolvent toy retailer Spiele Max in Stahnsdorf, Brandenburg, south of Berlin, the specialist lawyer responsible is examining whether the company can be restructured. It is still unclear whether stores will close for good, said the court-appointed administrator Torsten Martini when asked. According to him, negotiations are being held with the landlords of the toy stores. Previously, the "B.Z." from Berlin and Rbb24 had reported.
The stores are currently on clearance sale. "We are closing", is the message in the windows of the toy stores.
Insolvency proceedings were opened at Berlin-Charlottenburg Local Court in September of this year due to the insolvency and over-indebtedness of SPM Filialbetriebs GmbH. These are insolvency proceedings in self-administration - this is a variant of insolvency proceedings in which there is no insolvency administrator but a so-called trustee who accompanies and monitors the proceedings. This task lies with Martini, a Berlin-based lawyer specializing in insolvency and restructuring law. The company's management remains in office.
"Insolvency does not mean a cessation of operations," emphasized Martini. The opposite is the case. There can be no question of a nationwide closure of the Spiele Max branches.
Spiele Max had already fallen into crisis a few years ago. In 2020, the company sought rescue in a protective shield procedure. This protects companies from being seized by creditors without them having to file for insolvency.
The specialist lawyer, Martini, is investigating if restructuring is a viable option for insolvent toy retailer Spiele Max, during the trade negotiations with landlords. Despite insolvency proceedings, Martini assured that there are no plans for a nationwide closure of Spiele Max branches.
Source: www.dpa.com
