The application for protective shield proceedings is intended to protect the company from access by creditors and offer the opportunity for financial reorganization. The owner of Depot, Christian Gries, has decided to seek these insolvency proceedings under self-administration. In doing so, he wants to prevent the threat of insolvency and is facing up to the challenge of a sustainable realignment of the company.
In addition to Germany, Depot Handels GmbH also has branches in Austria and Switzerland, thus totaling around 500 stores.
Despite the current difficulties, business operations at the Depot stores will continue without restriction. The retailer´s aim is to have a plan for realigning the company by the end of the year at the latest. The protective shield proceedings are not expected to have any relevant impact on the Group’s 34 depot locations in Switzerland. For the locations in Austria, the aim is to continue a large proportion of them.
