No Investor Found: Staples Germany Now Closing 50 Branches.

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Date: Thursday May 5, 2022 10:42:15 am | Views: 242
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  • jim

    On February 7, OfficeCentre GmbH, which operates under the Staples brand in Germany, filed for insolvency at the district court in Hamburg. Despite an intensive search by the insolvency administrator, no investor could be found. The insolvency proceedings were now opened on May 1st.

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    Together with the preliminary creditors’ committee, Dr. Sven-Holger Undritz, partner at White & Case, a leading law firm with extensive expertise in the areas of insolvency and restructuring law, initiated a structured sales process immediately after his appointment as preliminary insolvency administrator in order to find a buyer for the company. Over 120 potential buyers were approached as part of the search for investors. Negotiations were being held with several interested parties up until last week. However, the intensive examination of the business model of OfficeCentre GmbH by interested parties in connection with the urgently needed investments for a reorientation on the market has led to White & Case announced that potential investors withdrew from the process and that no offer was made for a long-term continuation of the Staples markets. After the opening of insolvency proceedings, the orderly withdrawal from the market is to be started by selling the goods in the branches.

    “I very much regret that we were not able to attract any investors to the company,” said Undritz. “My special thanks go to all employees who, together with the management and myself, have fought to find a restructuring solution over the past three months. The result is particularly tough for them now.”

    Managing Director Oliver Lux adds: “I can only agree with that. It is extremely painful for all employees to experience that an actually healthy and profitable business model – due to the Corona situation – got into this situation and in the end could not be saved. We will ensure that wages and salaries can be paid for as long as possible through a successful sale of the goods and support the employees in their search for new jobs.”

    The approximately 50 landlords of the shops are also to be offered a solution for subsequent tenants in the short term.
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