Madeleine expects business to end at the end of the year
The insolvent women's fashion retailer Madeleine is expected to cease trading at the end of the year. The last remaining potential investors have withdrawn from the sales process, explained Managing Director Daniela Angerer on Tuesday. In addition, all 200 remaining employees will have to be made redundant. The majority of them have already been made redundant as of November 1.
The company had applied for restructuring under self-administration in August. Insolvency proceedings under self-administration were opened on November 1.
"In order to give Madeleine prospects for the future and to be able to realign the company in a new and, above all, more digital way, the involvement of an investor was and is an absolute prerequisite," said Angerer. "Without an investor solution, I therefore had to make the difficult decision to discontinue Madeleine's business operations at the end of December." The redundancies were also unavoidable.
Angerer said that she had negotiated with various potential investors in recent weeks. "Unfortunately, the negotiations have not yet come to a positive conclusion and it is not realistic to assume that an investor will be found at the moment." Among other things, the generally challenging situation in the fashion industry has led to reluctance on the part of investors.
The company's struggles in the fashion industry have led to the potential investors withdrawing, threatening the continuation of the Fashion at Madeleine's retail business. Without a new investor, the company is expected to cease its operations by the end of the year.
Source: www.dpa.com
