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Schmuckrausch Vertriebs GmbH & Co. KG, a jewellery retailer with six sales outlets and an online shop, has filed for insolvency. Following this, on 1 February 2023, the Local Court of Munich ordered provisional insolvency administration for the company’s assets and appointed Mr Ivo-Meinert Willrodt from PLUTA Rechtsanwalts GmbH as provisional administrator.
Filing for insolvency became inevitable for the company due to liquidity problems as a result of a decline in sales. Despite the application for insolvency, the business will continue operating without restriction and the online shop will also remain available. “Customers can continue shopping as usual during the sales outlets’ current opening hours,” said Mr Willrodt. The company offers a range of jewellery and accessories in its two stores in Munich and its other stores in Nuremberg, Darmstadt, Dresden and Berlin.
Salaries guaranteed thanks to insolvency substitute benefits
“We have informed the 55 employees about the latest developments. In addition, we have already taken the steps required for the pre-financing of insolvency substitute benefits, which will allow their salaries to be paid on time,” said the provisional administrator. Mr Willrodt is being supported within the PLUTA restructuring team by attorney Mr Mirko Möllen and industrial clerk Mr Hans-Christian Källner.
Those responsible will carry out an in-depth analysis of the company’s financial situation and look at possible restructuring options. Initial talks with important business partners and suppliers have gone well. The team will also prepare a long-term concept for the company’s future, which may involve bringing an investor on board. A structured process of finding an investor will be carried out together with M&A experts from consultancy Redwood Exchange GmbH for this purpose.
Mr Andreas Frikell, founder and managing director of Schmuckrausch, stated, “Given the current difficult situation in the retail sector, we were left with no choice but to file for insolvency. However, I am still convinced of our products and our concept. My motivated team and I will support the provisional insolvency administrator to the best of our abilities.”
Long-established jewellery label in Munich
Schmuckrausch, founded more than 20 years ago by Mr Andreas Frikell, offers a varied selection of jewellery. The team that manages the sales outlets and online shop every day from the company’s headquarters in Munich is as diverse as its jewellery. In keeping with this, Schmuckrausch offers a variety of in-house brands that embody a range of lifestyles and are intended for completely different target groups. Sustainability is very important to the company, which has pursued sustainable and environmentally friendly production under Fairtrade conditions right from the start.