Basler goes into administration, says stores will remain open
Premium fashion group Basler has applied in Germany for the initiation of self-administration proceedings in an attempt to restructure the business and position it for future growth.
The move will allow the retailer to independently handle the restructuring and reorganisation process without involving an insolvency administrator.
The self-administration proceedings will offer Basler planning security and will take into account the interests of its creditors. The clothing brand has already developed a comprehensive restructuring strategy, with important process and structural changes expected to be implemented in the coming months, particularly in the supply chain.
With the planned changes, the company aims to emerge from the self-administration stronger than before, said CEO Rolf Boje, CFO Marc Barrantes and COO Jan Hilger.
The company will continue trading during the process and all trading partners will continue to receive stock on time, confirmed the brand. All Basler stores will also remain open.
According to the brand, the autumn/winter 2017 collection has been well received, and there is potential for growth in North America and the UK. Additionally, the company is set to show its spring/summer 2018 collection at a number of trade shows including CDP in Dusseldorf.
The women’s outerwear label reported sales of €108 million in fiscal 2016. It employs over 1,100 people worldwide and operates more than 1,900 points of sale, including 40 directly-operated stores, 80 shop-in-shops and 13 outlets.
In the UK, the brand has four stores as well as 10 concessions and an outlet store. Its collections are also available in UK retailers like Fenwick’s, Furbank in St Neots, and Ambers of Amersham in Buckinghamshire.
The self-administration process is being supported by restructuring firm Pluta, led by Maximilian Pluta and Steffen Beck.
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