Peter Kaiser Schuhfabrik has filed for insolvency with a local court in Pirmasens, Germany. The so-called protective shield procedure, which will enable the company to continue trading under restructuring, was motivated by a decline in sales stemming from the impact of the Covid-19 pandemic.
“Peter Kaiser’s business operations continue without restrictions despite the judicial restructuring proceedings that have been initiated. Our goal is to restructure the company,” said the lawyers Martin Mucha and Hans Konrad Schenk from the law firm Grub Brugger. Mucha also joined the company as general representative for the duration of the proceedings and will support the management in the restructuring process.
“Peter Kaiser is a well-known and sought-after brand for high-quality women’s shoes and accessories here. I therefore see great market potential for the company and consider it realistic to restructure the company and put it back on a stable footing in the long term,” Mucha said in the press release.
The Peter Kaiser Retail business is not affected by the insolvency proceedings. The unit oversees footwear distribution in physical stores and online, as well as the shoe factory in Felgueiras, Portugal.
Women’s shoes and handbags will continue to be manufactured at the main plant in Pirmasens and in Felgueiras. The company, which was founded in 1838, employs around 200 people in Pirmasens and a total of about 650. Around half of the 750,000 pairs of shoes produced annually are exported. Last year’s revenues totaled €48 million.