Schuhaus Kay, the German shoe retailer from northern Germany, has been taken over by a Berlin-based investment company called Goal. The local court of Hamburg granted an application for self-administration on Nov. 26. The executive board of Schuhhaus Kay reports that all of the company's shares have been sold to Goal. Steffen Liebich from the German investment company will now lead the business. As previously agreed, Matthias Kay has resigned from his position as managing director. He continues to advise the company in the areas of purchasing, sales and branch organization. The management has decided to implement restructuring and reorganization measures within the legal framework of an insolvency procedure under its own management. The business of the German shoe retail company will continue without restrictions. Schuhkay 1882 and Schuhkay, the stores of the independent retailer KG Schuhkay based in Hamburg, are not affected by the insolvency and the takeover by Goal. The retailer is still owned by the Kay family and managed by Joachim and Thomas Kay. The businesses of Schuhkay and Schuhhaus Kay were separated in 1934. Both companies have about 20 stores, mainly in northern Germany.