German womenswear brand Gerry Weber has secured financial investors Robus Capital Management and Whitebox Advisors as its new owners.
Gerry Weber International entered preliminary insolvency proceedings under self-administration in January after negotiations for permanent funding failed. At the time it announced that it would seek to restructure the business by closing 230 stores, and cutting up to 900 roles in Germany and internationally. With funding secured, an insolvency plan was presented to creditors, which they approved.
The new owners will provide almost €50m (£43m) to continue the company’s restructuring and compensate creditors. The previous shareholders and owners left the company as of 31 October.
In July, Drapers revealed that Gerry Weber would close all of its UK stores, as its parent company continued to undergo financial restructuring. The closure of the UK retail stores was expected to be finalised by 31 October. Owner Gerry Weber International’s 2016/17 annual report – the most recent available – stated the brand had 26 stores in UK and Ireland. It declined to update this figure further.
The brand’s UK wholesale business will not be affected. Its website shows it has around 100 UK stockists.