Insolvent Fashion Brand Closed Gets New Owners - Closed Files for Insolvency but Remains Open Under New Ownership
Fashion retailer Closed, known for its jeans, has filed for insolvency but will continue operating. The Hamburg-based company, with 27 stores and 15 franchises across five European countries, employs around 450 people and achieved a turnover of approximately 120 million euros. Despite the insolvency, the brand remains open for business.
Closed specializes in jeans and operates through stores, online, and retailers like Macy's and Target. It achieved 40% of its turnover through retailers, 35% through stores, and 25% online. The company filed for insolvency due to high debt and resulting costs. However, the insolvency process allows the brand to continue trading while seeking a solution.
The new owners of Closed are experienced entrepreneurs and managers in the international fashion industry. The Böck family and Dieter Holzer have taken over the fashion brand. The headquarters will remain in Hamburg. A press conference is scheduled for Monday to provide further details about the takeover and the company's future plans.
Closed, despite filing for insolvency, continues to operate its stores and online platform. The takeover by the Böck family and Dieter Holzer brings experienced management to the brand. The upcoming press conference is expected to shed more light on the company's future strategy and plans for growth.
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