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Bäumler Fashion GmbH has filed for insolvency proceedings to be opened for its assets. On 8 October 2020, the Local Court of Ingolstadt ordered provisional insolvency proceedings and appointed Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH as provisional administrator. The fashion house based in Ingolstadt has had to file for insolvency due to liquidity problems as it has recently seen significant declines in sales due to the COVID-19 pandemic.
The company has ties with the Edinburgh Woollen Mill Group (EWM) in England. In recent years, in addition to its domestic market in Germany, men’s outfitter Bäumler has been able to establish itself in international markets such as Canada, the UK and Russia by taking advantage of the EWM Group’s sales and production structures. Sales, marketing and product design are handled out of Ingolstadt. Menswear was produced at an external production facility in Hungary, where Bäumler’s premium suits were manufactured.
“The members of the PLUTA team are currently in the process of gaining an initial overview of the company’s financial situation. The business is continuing to operate. Customers are still being supplied from existing stock,” said PLUTA restructuring expert and attorney Mr Willrodt. “Our goal is to find a solution for the fashion company,” he added. The PLUTA team also includes Mr Wolfgang Bernhardt, a business management expert and attorney.
Bäumler, a long-standing company in existence since 1934, is a well-known menswear specialist in Germany. Bäumler Fashion GmbH was founded in late 2009 and generated sales of some 11 million euros in 2019. The PLUTA team has many years of experience in the fashion industry. Mr Ivo-Meinert Willrodt, for instance, was recently involved in the insolvency proceedings of jewellery and fashion retailer Monsoon Accessorize. Among other examples, the PLUTA team oversaw the insolvency proceedings for fashion company Wissmach and advised management at the Basler Fashion Group during debtor-in-possession proceedings. Moreover, Mr Stefan Meyer was appointed insolvency monitor for Gerry Weber and is the insolvency administrator for Peacock Moden.