ADLER MODEMARKTE AG (FRA:ADD) Adler Modemärkte AG: Adler Modemärkte AG enters into preliminary insolvency proceedings in self-administration

Transparency directive : regulatory news

12/01/2021 16:39

DGAP-Ad-hoc: Adler Modemärkte AG / Key word(s): Insolvency
Adler Modemärkte AG: Adler Modemärkte AG enters into preliminary insolvency proceedings in self-administration

12-Jan-2021 / 16:39 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), 12 January 2021 - Today, the local court of Aschaffenburg approved the application of Adler Modemärkte AG (ISIN DE000A1H8MU) of 11 January 2021 and opened (preliminary) insolvency proceedings in self-administration pursuant to Section 270b (1), (2) of the German Insolvency Code, new version.

Within the scope of the preliminary self-administration, the business operations of Adler Modemärkte AG shall be continued in their entirety and the company shall be restructured by means of an insolvency plan. The management board of the company will continue to have the power of administration and disposition. For its support, the management board has appointed the lawyer Dr. Christian Gerloff, who is an established expert in the textile retail sector with extensive experience in restructuring and insolvency cases, as general representative. The court has appointed the lawyer Tobias Wahl, Anchor Rechtsanwälte, as preliminary custodian (Sachwalter).

The local court of Aschaffenburg also approved the applications of the subsidiaries Adler Mode GmbH, Adler Orange GmbH & Co. KG and Adler Orange Verwaltung GmbH for the opening of (preliminary) insolvency proceedings in self-administration pursuant to Section 270b (1), (2) of the German Insovlency Code, new version and appointed also Tobias Wahl, Anchor Rechtsanwälte, as preliminary custodian (Sachwalter).

Adler Modemärkte AG press enquiries and investor relations:
Peter Dietz
Media und Investor Relations
Tel.: +49 (0)69 97 12 47-33
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

12-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:	1160148


End of Announcement	DGAP News Service

1160148 12-Jan-2021 CET/CEST

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