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fc retail GmbH filed an application for the opening of insolvency proceedings on 29 May 2020. Following this, the Local Court of Münster ordered provisional insolvency proceedings and appointed Dr Ria Brüninghoff from PLUTA Rechtsanwalts GmbH as provisional administrator. The company runs a long-established fashion emporium in Ibbenbüren in the German state of Westphalia.
Filing for insolvency became inevitable due to a liquidity shortage. The company operates the well-known fashion house ‘Ibbenbürener Modehaus’ in Ibbenbüren city centre. Although the store has now reopened since its closure due to COVID-19 restrictions, sales have been well down in recent weeks.
“We intend to gain a comprehensive overview of the company’s financial situation. The business will continue operating without restrictions – while observing the appropriate hygiene requirements, of course. Customers can shop as usual in the store,” said PLUTA restructuring expert Dr Brüninghoff.
Together with managing director Mr Leo Faltmann, Dr Brüninghoff is already holding initial discussions with business partners and suppliers. “The current situation is challenging for our company. My motivated team and I will do our best to support the provisional insolvency administrator,” added managing director Mr Faltmann.
At present, the company has a workforce of 42 employees whose salaries are guaranteed thanks to specific substitute benefits provided under German insolvency law.
The company operates the fashion house ‘Ibbenbürener Modehaus’ in Ibbenbüren city centre. Customers that visit the 3,800 m2 store, which was re-opened around one year ago, can shop for premium branded clothing and receive extensive personal advice.