Schuhpark Fascies repositions itself under self-administration

Warendorf, 9 January 2019. Schuhpark Fascies GmbH from Warendorf in North Rhine-Westphalia, one of the leading shoe retailers in Germany, today filed an application for the opening of a self-administration procedure with the responsible local court in Münster. The court complied with this request and ordered preliminary self-administration.

Due to a difficult and competitive market, the hot summer of 2018, as well as an increasing number of customers utilizing online shopping platforms, the company intends to reposition itself for the future. Schuhpark Fascies GmbH is taking advantage of the legal possibilities that have been in force since March 1, 2012 to develop and implement the measures required for restructuring and reorganization under self-administration.

“This step is the best opportunity to increase our competitiveness and ensure the long-term survival of our company in the interest of all parties involved,” says company founder and managing director Bernhard Fascies, who also manages the company under the self-administration procedure. He will be supported by the experienced restructuring experts Dr. Georg Bernsau and Andreas Pantlen from the nationwide operating law firm BBL Bernsau Brockdorff. Dr. Bernsau and Mr. Pantlen will join the management team and be responsible for the operational restructuring. Stephan Michels, a lawyer and restructuring expert from Münster, will act as the preliminary trustee appointed by the court to supervise the management of the company and safeguard the interests of the creditors.

“In the coming weeks, we will enter into discussions with all key stakeholders and develop a plan to restructure the company,” explains Dr. Georg Bernsau, who has already successfully assisted a large number of companies in their restructuring. He is pleased with the fact that the company decided to restructure in good time and prepared for it professionally.

Business operations in the 89 branches throughout Germany continue uninterrupted under self-administration. Supplier relationships are not affected in any way. “The shops remain open and our customers will continue to be served as usual,” emphasizes Bernhard Fascies. At the beginning of the year, the company began to support the restructuring with special sales campaigns. “The special sales campaigns continue in the upcoming weeks,” states Fascies.

The more than 900 employees, whose wages and salaries are secured for three months by the insolvency money of the Federal Employment Agency, were informed today about the current situation and outlook.

About Schupark Fascies
With a total of 89 branches in North Rhine-Westphalia, Lower Saxony, Bremen and Schleswig-Holstein, the Schuhpark, which is home to a broad customer base, is one of the leading shoe retailers in Germany The range includes women’s, men’s and children’s shoes in the mid-price segment and is aimed at fashion-conscious customers of all ages who value brand shoes with an optimal price-performance ratio.

A head office is operated in Warendorf with a state-of-the-art central warehouse which, as an innovative logistics system, ensures a smooth supply of the branches with the latest trends in shoe fashion. Schuhpark Fascies GmbH has 912 employees, 116 of whom work in the central warehouse and logistics and 33 in administration. The flagship stores are located in Bielefeld, Detmold, Münster and Warendorf.

Schuhpark Fascies GmbH dates back to 1975, when company founder Bernhard Fascies opened his first shoe shop in an old weaving mill in Warendorf.
For more information: www.schuhpark.de

About BBL
BBL is one of the leading law firms with a sole focus on reorganistaion, restructuring and insolvency. The firm has extensive experience in complex restructuring projects both within and outside insolvency proceedings. More than 50 lawyers work at BBL nationwide in Germany and also in London.
Further information: www.bbl-law.de

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FELDMANN Kommunikationsberater
Thomas Feldmann
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