While continuing its search of new investors, the German shoe retail company informed its employees that its operating results were positive in 2013, indicating that it has managed a turnaround. Sales increased by one percent overall, with a 2.8 percent increase on a comparable store basis. Due to a positive development of sales up to November, the Christmas bonus could be paid in its entirety to the company's employees.

In 2012, Görtz had suffered a small net loss of €1 million on 4 percent lower sales of €387 million. As previously reported, the Görtz family began a structured process last September to examine possible expressions of interest by potential new investors. There are now four proposals on the table, and Görtz expects to have reached a decision during the first quarter of 2014.

Meanwhile, Görtz has announced the sale of its Swiss subsidiary, Pasito-Fricker, to GF Holding, a company owned by a 46-year-old Swiss investor, Guido Fluri, who works primarily in the real estate sector. He aims to develop Pasito-Fricker as a leading banner in the premium shoe segment. The management of Pasito-Fricker will continue to consist of Werner Aerni, chief executive, Ingrid Degiacomi, in charge of purchasing, and Terry Oram, in charge of finance and controlling.

Görtz had acquired Garant's 99.97 percent share in Pasito-Fricker four years ago. Today, Pasito-Fricker has 58 stores and employs about 320 people.