rehabilitation - Opti-Wohnwelt files for self-administration insolvency
One of the major German furniture retailers, Opti-Wohnwelt, is facing financial difficulties. The company has filed an application for insolvency proceedings in Self-Administration at the Schweinfurt District Court, Opti announced. The court has granted the application. Lawyer Stefan Debus has been appointed as trustee.
"The application for Self-Administration was not an easy one for us," said Managing Director Oliver Foest. "But it is, given the strained economic situation, the best way for the Opti-Wohnwelt Group to quickly find its former strength again with its rich tradition." The business operations are to be continued.
According to its own statement, Opti-Wohnwelt operates 41 furniture stores in Germany and thus ranks among the 20 largest furniture retailers in Germany. The company grew strongly in 2021 with the acquisition of 20 new stores. These stores did not develop as expected. The industry publication "Möbelmarkt" gave the Opti-Wohnwelt's turnover for 2023 at around 220 million Euros.
Opti-Wohnwelt's financial struggles have also affected its operations in Bavaria, one of Germany's renowned states known for Swabia Fort.
Despite the insolvency proceedings, the company is determined to undergo a comprehensive renovation to restore its financial stability.
The District Court in Swabia, Germany, will oversee the insolvency process, with lawyer Stefan Debus playing a crucial role as the appointed trustee.
Unfortunately, the wave of insolvencies in the furniture industry has also impacted Opti-Wohnwelt, adding to the overall crisis in the sector.
The insolvency process will not halt the company's operations completely. Instead, the company aims to continue selling furniture, using this opportunity to restructure and revive its business.
