Peter Kaiser safeguards the business. The German footwear manufacturer has presented legal document at the district Tribunal of Pirmasens to be protected from creditors. Peter Kaiser Retail (which manages the sale of footwear both in stores and online) and the Felgueiras plant (Portugal) aren’t included in the request.
Peter Kaiser safeguards the business
The German manufacturer (of high-end footwear and accessories for women) attributed the choice to the low sales caused by the lockdown. “We are very sad to have had to take this step”, says Stefan Frank, CEO of Peter Kaiser to SchuhMarkt. “Even after the end of the lockdown, retail sales only partially recovered”.
German Law
Based on German law, businesses that are facing financial and economic difficulties, but act quickly with concrete possibilities of finding a solution, can ask to be self–managed. That means that they can reorganize by coordinating directly with their creditors. While commercial operations continue regularly. If the situation is as described, the tribunal doesn’t nominate a curator, but rather an administrator that controls that creditors’ interests are protected.
Commercial operations continue regularly
“Peter Kaiser’s commercial operations will continue regularly even though legal proceeding to restructure the business have been initiated. Our goal is to reorganize our company”, explain curators to Fashion United. “It’s realistic to restructure the company and make it stable in the long-term”.
Image by peter-kaiser.de
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