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Restructuring expert Mr Ilkin Bananyarli from PLUTA Rechtsanwalts GmbH has succeeded in finding an investor for Mädchenflohmarkt GmbH, a well-known online shop offering second-hand clothes. Effective 1 August 2023, MFG Recommerce GmbH based in Berlin has acquired the business by way of an asset deal.
The company also has a subsidiary in Poland that is included in the transaction, but is not affected by the insolvency proceedings. The investor will keep the brand and Mädchenflohmarkt website going and take over the employees.
Best possible solution for the online marketplace
Mr Ilkin Bananyarli said, “We have held very good discussions with the investor in recent weeks. I’m pleased that the tireless efforts of all involved have paid off and there is a future for Mädchenflohmarkt. With the agreement now reached, we have achieved the best possible solution.” Apart from Mr Ilkin Bananyarli, the PLUTA team also includes attorney Mr Niko Maier. PLUTA attorney Mr Markus Fünning assisted in the contract drafting.
Mädchenflohmarkt GmbH filed for insolvency in June. The Local Court of Stuttgart opened insolvency proceedings on 1 August 2023 and appointed Mr Ilkin Bananyarli from PLUTA as insolvency administrator. He had already been involved as provisional administrator since 7 June 2023.
Mädchenflohmarkt is a marketplace for second-hand fashion. Its target market is women that buy and sell clothing, shoes, bags and accessories on the platform. Founded in 2012, the company finances itself through commissions and services. In addition to providing a platform for use, it also offers a concierge service, whereby it photographs the goods and places them on the platform and then takes care of shipping.
Business operations continued
The marketplace has remained operational since the application for insolvency was filed. All sales and purchases have been conducted via the platform. Users selling goods via the website since insolvency was ordered have also been guaranteed payment. The continuation of the business was an important prerequisite for the solution now achieved with the investor.
All sellers awaiting payment from the period prior to the company filing for insolvency can file their claims for registration in the insolvency schedule. The insolvency administrator will write to all creditors in the coming days.