The well-known German fashion company Hallhuber GmbH (“Hallhuber“) successfully completes the self-administration proceedings (protective shield proceedings) ongoing since April 2020 via an insolvency plan and is once again fully operational and competitive.
The creditors unanimously approved the insolvency plan submitted by the self-administration on 11 May 2021. Today also secures the long-term continuation of around 1,100 jobs and the sustainable existence of one of the well-known landmarks in almost all major German city centres.
Hallhuber is one of the most prominent German fashion companies with currently 1,100 employees, 380 stores and retail spaces in Germany, Austria, Switzerland, Benelux and other European countries as well as its own online platforms in Germany, Austria, Switzerland and France. In the financial year 2019, Hallhuber achieved sales of around EUR 200 million. The significant challenge in recent months was to manage two lockdowns due to the COVID-19 pandemic from a business and legal perspective. After Hallhuber was unable to receive state aid due to the insolvency petition filed, Hallhuber put itself into a kind of “hibernation” and thus entered new legal territory. This also includes the unanimous adoption of a so-called insolvency plan for insufficiency of assets in accordance with § 210a InsO (German Insolvency Code) by the creditors (of old debts incumbent on the estate), which made the current prospects and continuation of operations possible in the first place and is likely unique in Germany on this scale.
The success of the self-administration procedure is not only due to the courageous decision-making but also to the unparalleled solidarity of all Hallhuber’s important stakeholders in Germany – financiers, landlords, suppliers, employees and, last but not least, Hallhuber’s loyal customer base. The previous Hallhuber financiers, Robus Capital and CSP, will continue to provide Hallhuber with committed and lasting support. Based on the insolvency plan, which provides for a capital cut, the managing directors of Hallhuber, Rouven Angermann and Torsten Eisenkolb, have acquired shares and are new shareholders of Hallhuber.
Self-administration, advisors Hallhuber: act AC Tischendorf, Dr. Sven Tischendorf, MBA (lead, general representative, CRO), Dr. Alexander Höpfner (lead, general representative, CIO), Dr. Felix Melzer (litigation), Dr. Tara Kamiyar-Müller, (real estate law), Dr. Matthias Müller, MBA (transaction negotiation) Dr. Stephan Schwilden, MBA (labour law), Dr. Nina Bogenschütz (labour law), Dr. Fabian Laugwitz, MBA, LL.M. (commercial)