ADLER MODEMARKTE AG (FRA:ADD) Adler Modemärkte AG: Application for the opening of insolvency proceedings in self-administration

Transparency directive : regulatory news

10/01/2021 21:05

DGAP-Ad-hoc: Adler Modemärkte AG / Key word(s): Insolvency
Adler Modemärkte AG: Application for the opening of insolvency proceedings in self-administration

10-Jan-2021 / 21:05 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Haibach (near Aschaffenburg), 10 January 2021 - Due to over-indebtedness of the company, the management board of Adler Modemärkte AG (ISIN DE000A1H8MU) today resolved to file an application for the opening of insolvency proceedings in self-administration pursuant to Section 270a of the German Insolvency Code with the local court of Aschaffenburg.
The aim of the self-administration is to restructure the company by means of an insolvency plan. The business operations of Adler Modemärkte AG will be continued in their entirety under the supervision of a custodian (Sachwalter). The management board will continue to have the power of administration and disposition. For its support, the management board today has appointed the lawyer Dr. Christian Gerloff of the law firm Gerloff Liebler Rechtsanwälte, who is a proven expert in restructuring and insolvency cases, as general representative.
The insolvency application is triggered by the significant revenue losses caused by the ongoing closure of almost all stores since mid of December 2020 as a result of the renewed COVID-19 lockdown. Despite intensive efforts, the company was unable to close the resulting liquidity gap through a capital injection from state support funds or investors.
Adler Mode GmbH, Adler Orange GmbH & Co. KG and Adler Orange Verwaltung GmbH, each wholly-owned subsidiaries of Adler Modemärkte AG, today also resolved to apply for the opening of insolvency proceedings in self-administration at the local court of Aschaffenburg. The management of these companies will also be supported by Dr. Christian Gerloff as general representative. Other domestic and all foreign subsidiaries of Adler Modemärkte AG are not affected and continue their business operations without any changes.
Adler Modemärkte AG press enquiries and investor relations: Peter Dietz
Media und Investor Relations
Tel.: +49 6021 633 1828
E-mail: investorrelations@adler.de

Information and Explanation of the Issuer to this News:

About Adler Modemärkte AG:
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2019, the Group generated revenue of €495.4 million and EBITDA of €70.3 million. As at 30 September 2020, ADLER employed a workforce of around 3,350 and currently operates 171 stores, 142 of which are located in Germany, 24 in Austria, three in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 55 and over.
For more information: www.adlermode-unternehmen.com; www.adlermode.com

10-Jan-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language:	English
Company:	Adler Modemärkte AG
	Industriestraße Ost 1-7
	63808 Haibach
	Germany
Phone:	+49 (0) 6021 633 0
Fax:	+49 (0) 6021 633 1299
E-mail:	info@adler.de
Internet:	www.adlermode.com
ISIN:	DE000A1H8MU2
WKN:	A1H8MU
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	1159553


End of Announcement	DGAP News Service

1159553 10-Jan-2021 CET/CEST

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