Next Shoe Chain Insolvent: Schuh Graf Files for Restructuring

Restructuring Instead of Closure

The Baden-Württemberg shoe retailer Schuh Graf has filed for insolvency under self-administration. According to the company, the business operations are to be stabilized and secured in the long term as part of the process. The Stuttgart District Court has already approved the application and ordered preliminary self-administration.

Sales in the 27 stores under the brands Schuh-Mann and Quick Schuh are currently continuing without restrictions, it is said.

Medium-Sized Company with 160 Employees

Schuh Graf GmbH & Co. KG, based in Fellbach near Stuttgart, is a medium-sized family business in its third generation. It operates 27 locations in Baden-Württemberg and employs around 160 staff. According to the company, the wages and salaries of the employees are secured through insolvency payments for the next three months.

External Experts Accompany the Process

The law firm Pluta has been commissioned to accompany the restructuring. Restructuring expert Steffen Beck supports the management in the process. The court has appointed Stuttgart lawyer Dr. Tibor Daniel Braun as the preliminary administrator to oversee the process and protect the interests of creditors.

Shoe Industry Under Continued Pressure

With Schuh Graf, another company joins the list of insolvent shoe retailers: Recently, Görtz and Onygo also filed for insolvency. Industry experts speak of a persistently difficult market environment with changing consumer habits, high competitive pressure, and increased costs.

This article has been automatically translated, read the original article here.