Latest news with #Closed
Fashion Network
6 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles.
Fashion Network
7 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles.
Fashion Network
7 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles. This article is an automatic translation. Click here to read the original article.
Fashion Network
7 days ago
- Business
- Fashion Network
Denim label Closed files for insolvency
Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged. Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business. Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores and other European locations are now affected. Closed emphasised that it is generally operating profitably in these areas. The search for an investor has already begun. The first promising talks have been held with potential investors. "Closed is a strong brand with a clear profile. I am confident that an investor can be found and that the company will remain a Hamburg brand," explained Denkhaus. The management is also optimistic. Managing partners Gordon Giers (Product) and Til Nadler (Sales) report initial "promising talks" with potential investors. The company had already initiated structural changes before filing for insolvency. Restructuring expert Lothar Hiese was recently appointed to the management board as the new CFO. He succeeds Hans Redlefsen, who has accompanied the company in this position for over 27 years and will remain associated with the company as a co-shareholder. Closed was founded in 1978 and has since made a name for itself with high-quality denim collections. In 2023, the estimated turnover was around 125 million euros. In 2022, the first American store opened in Los Angeles.
Fashion United
05-08-2025
- Business
- Fashion United
German fashion brand Closed files for insolvency
Hamburg-based Closed GmbH has filed for insolvency. The brand filed the application with the relevant district court in Hamburg on Tuesday. Stefan Denkhaus, a lawyer from the BRL law firm, has been appointed as the provisional insolvency administrator. The insolvency was necessary due to excessive debt and the associated financing costs. Operationally, the company, with its healthy sales structure of wholesale, online and brick and mortar retail, is fundamentally profitable. Turnover has developed better than the market. Business operations will continue during the proceedings. Insolvency benefit pre-financing for the workforce has already been initiated. Suppliers and other business partners will now be involved in the process. The aim of the provisional insolvency administrator and the management is a swift investor process. Initial "promising discussions" with potential investors have already begun, according to managing directors Gordon Giers and Til Nadler. "Closed is a great brand – I am very confident that we will find an investor for Closed and that we will retain Closed as a Hamburg-based company," said Denkhaus. Closed operates 36 stores in Europe, 26 of which are in Germany. In addition to its home market, the brand also has shops in Switzerland, Austria, Belgium, the Netherlands, the US and Spain. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
