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The insolvency administrator Mr Michael Wahl from PLUTA Rechtsanwalts GmbH has succeeded in finding an investor for UDT Handelsgesellschaft mbH. He sold the business operations and part of the inventory to the newly founded Fashion Lifestyle GmbH based in Oberstaufen. This means that the future of the three fashion outlets in Bad Hindelang, Oberstaufen and Schwangau is secured. 15 employees will be kept on by the new owner.
The parties agreed not to disclose any details concerning the purchase price. Yesterday, the administrator’s solution was approved by the creditors’ assembly. UDT Handelsgesellschaft ran a total of six outlets offering high quality brand fashion and textiles in South Germany. Three outlets in Wangen, Zeil am Main and Selb had to be closed down for economic reasons. Originally, the company had a staff of more than 30 employees.
Following liquidity problems, UDT Handelsgesellschaft had to file for insolvency in spring 2018. The Local Court of Ravensburg opened insolvency proceedings on 1 May and appointed the PLUTA expert Mr Michael Wahl as the insolvency administrator. Previous to this, he had been active as the provisional administrator since 5 March.
According to the PLUTA attorney Mr Michael Wahl, “The fashion retail trade is fiercely contested. Therefore, I am absolutely delighted that we have achieved the best possible result for the creditors, the customers and the staff.”