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By an order issued on 9 November 2018, the Local Court of Nuremberg has appointed the restructuring expert Mr Patrick Meyerle from PLUTA Rechtsanwalts GmbH as the provisional insolvency administrator for Martini Schmuckzeit GmbH.
Martini Schmuckzeit GmbH, headquartered in Schwabach and a subsidiary of the Martini Group, which has been active in the jewellery retailing business for 20 years, operates seven branch stores in Nuremberg, Schwabach, Forchheim, Berlin and Stuttgart. Martini Schmuckzeit GmbH has a staff of approximately 30 employees, whose salaries are secure thanks to the so-called insolvency substitute benefits.
Over the past years and months, the company has implemented numerous measures to counter the ever-increasing competitive pressure. However, despite all the efforts made, it has so far not been possible to generate the revenues required to be profitable on a sustained basis. In parallel to the problems in the conventional retail trade, the company is particularly confronted with competition from online business.
“Together with my team, I have obtained an initial overview of the situation and have made the first decision in this matter, namely that business operations will be maintained. The customers can continue shopping in the local branch stores. We are also in the process of analysing the company’s financial situation and considering the options available for restructuring,” said the restructuring expert Mr Meyerle. His goal is to find an investor for the company. PLUTA’s restructuring team also includes the attorney Mr Daniel Barth.
Schmuckzeit Europe GmbH, which markets the “Engelsrufer” brand in 25 countries together with 14 distribution partners, is not affected by the company’s application for insolvency proceedings.