Another clothing giant has financial problems
Gerry Weber has filed for financial restructuring and bankruptcy proceedings.
German women’s clothing chain Gerry Weber is facing financial problems. Its representatives see the reasons for the current situation in changes in consumer habits. They were initiated with the outbreak of the coronavirus pandemic and intensified by the invasion of Ukraine. This prompted the network’s management to take corrective action. As part of the planned restructuring, they intend to assess the profitability of all outlets located in Germany (149 stores and 29 outlets). The results of the assessment will result in the closure of the least profitable points and reduction of employment. As announced, such activities are now to be limited to domestic stores only.
Gerry Weber is a clothing chain with a long history dating back to the early 1970s. Under its banner, there are 700 stores located in various parts of the world, including two in Poland. Over the years, the network has faced various problems. The most serious took place in 2019. At that time, the company’s representatives undertook restructuring activities for the first time. They resulted in the closure of over 100 stores in Germany.