Reno completes partial restructuring
The footwear retailer has finalised a partial restructuring, keeping more than 20 stores. Meanwhile, the media reported that dozens of new creditors have registered their claims in the insolvency proceedings
“It is a positive development for a procedure that initially offered little hope of an even remotely satisfactory result”, commented the insolvency administrator Immo Hamer von Valtier from the InsoTreu law firm.
“By keeping more than 20 stores – including nine that will continue to operate under the Reno name – the traditional Reno brand can continue to exist after the insolvency proceedings have been completed”, he added.
Meanwhile, the media has reported that the number of creditors has increased from 520 to more than 600, while the total value of claims has risen from 33 million euros to almost 100 million euros since the audit date on the 14th of August.
The Osnabrück-based footwear retailer filed for bankruptcy at the end of March amid a crisis in the German footwear sector which led to a wave of insolvencies in recent months; subsequently, the company's Austrian and Swiss subsidiaries followed suit.
Source: shoeintelligence.com
Image Credits: shoes-report.com
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