Long-established luggage brand STRATIC to restructure itself for the future as a debtor in possession

STRATIC Lederwaren - Jacob Bonifer GmbH has initiated in-court restructuring proceedings under debtor-in-possession management. It will now reposition itself for the future to ensure its long-term competitiveness. The Local Court of Hanover has approved the application and ordered provisional debtor-in-possession proceedings.

As a debtor in possession, the company will be able to carry out the necessary restructuring steps independently with professional guidance. Restructuring expert Dr Oliver Liersch from PLUTA Rechtsanwalts GmbH will support management with this in his capacity as general agent. The team also comprises attorney Mr Günther Hahn and economist Mr Jürgen Schendel. Attorney Mr Silvio Höfer from Anchor Rechtsanwaltsgesellschaft mbH will oversee the proceedings and represent the interests of the creditors as provisional insolvency monitor.

“We will use the proceedings to position our company for long-term stability and sustainability,” said managing director Mr Axel Bree. “The business is continuing to operate as normal and all products can still be ordered from the online shop – our customers can rely on our proven quality, dependability and service.”

Management feels optimistic about the future and is committed to building the innovative premium brand’s long-term resilience. Customers and partners can continue to count on STRATIC. Initial talks have already gone well.

Founded in 1946, family-owned STRATIC headquartered in Garbsen, near Hanover, is a provider of lightweight, innovative travel luggage. The company has a workforce of 25 employees, who have already been informed in detail about the latest developments. Their wages and salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law.

Solid basis, but pandemic-related liabilities

The company finds itself in its present position due to financial burdens resulting from the COVID years combined with current challenges such as cost increases in supply chains and the weak economy. It is therefore aiming for a fresh start under its own direction, with the goal of emerging stronger from the situation.

Dr Oliver Liersch said, “Management is approaching the current challenges with a clear strategy and accountability. We are working together on a financially viable solution that will ensure the company’s long-term stability.”

Provisional insolvency monitor Mr Silvio Höfer also believes the company has good prospects: “STRATIC has a strong brand, a motivated workforce and a clear direction for the future. I will support the proceedings constructively in the interests of the creditors.”