Latest news with #GordonGiers
Yahoo
08-08-2025
- Business
- Yahoo
Closed Files for Insolvency, Begins Search for Investors
German denim brand Closed filed for insolvency proceedings with the Hamburg District Court on Tuesday. Currently owned by Til Nadler, Gordon Giers and Hans Redlefse, the heritage brand is being advised by SJPP under the leadership of attorney Dr. Christian Mikolajczak. Attorney Stefan Denkhaus of the multidisciplinary law firm BRL has been appointed as provisional insolvency administrator for the Closed Group companies. More from Sourcing Journal Closed and Love Stories Apply Lingerie Details to Denim Trove Takes On European Resale Market With Acquisition DHL Cuts 8,000 German Postal Worker Jobs in $1.1 Billion Cost-Savings Plan Pre-financing of insolvency benefits for employees has already been initiated, securing a key foundation for the seamless continuation of business operations. In the next step, suppliers and other business partners will be integrated into the process. Denkhaus said initial promising talks with potential investors have begun. 'Closed is a great brand—I am confident we will find an investor and preserve Closed as a Hamburg-based company,' he added. Headquartered in Hamburg since the '90s, Closed has approximately 450 employees. The brand generates 120 million euros in annual revenue. BRL reports that 40 percent of revenue comes from wholesale with around 1,000 retail partners worldwide. Approximately 25 percent of revenue comes from Closed's online business and around 35 percent from retail business with 27 full-price stores primarily located in Germany and in other parts of Europe. Closed also has six outlets and nine franchise stores in Europe. Known for pioneering stonewashing and unique designs like angled X-pockets, Closed was founded by French designers Marithé and François Girbaud in 1978. The brand has exchanged business hands several times and undergone new creative direction over the years. Sustainability and European production are key pillars for the brand. Almost 90 percent of Closed's products are made in Europe. The brand is also scaling its Better Blue line of sustainable denim. In 2024, more than 73 percent of Closed denim products were made with sustainable materials, environmentally friendly dyeing techniques, and gentle washing methods.
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@
