Less than nine months after Aktiv Schuh filed for bankruptcy, creditors unanimously approved its restructuring plan. As the Berlin-based company’s reorganization is about to be completed, Aktiv Schuh - a 120-year-old family business that employs around 200 people - expects self-administration proceedings to be lifted this month.
On July 23, 2020, Aktiv Schuh applied for self-administration to initiate judicial proceedings because of impending insolvency, after the coronavirus pandemic and the resulting lockdown in the spring of 2020 hit sales.
After a promising start to 2020, sales dipped from March to July, and online sales failed to compensate for the slump, forcing the company to apply for creditor protection in a bid to achieve a sustainable restructuring. The proceedings were opened on Oct. 1, and Torsten Martini of the law firm Leonhardt Rattunde was appointed as trustee.
Since then, management has undertaken the necessary steps for the financial and operational overhaul of the company, including the closing of unprofitable locations, the adjustment of leases and the reorganization of merchandise procurement.
Aktiv Schuh still operates 40 stores, mainly in Berlin and Brandenburg, down from 60 in July 2020.