The fashion chain Aachener, which recently moved into six former Galeria stores, has found itself in a financial crisis. "We have filed for insolvency," said a spokesperson for TEH Textilhandel, the company holding the rights to the "Modehaus Aachener" brand, on Friday in Dortmund. The local district court has already appointed lawyer Christoph Schulte-Kaubrügger as the preliminary insolvency administrator. Several media outlets had previously reported on the situation.
According to a letter from the management to the employees, quoted by "Handelsblatt", it stated, "Based on the current circumstances, it is no longer guaranteed that we can meet our due obligations on time and in full." According to the management, the company had no choice but to take the matter to court in order to restore their economic viability.
The company, which has 355 employees and seven locations, including the six former Galeria stores in Frankfurt, Saarbrücken, Cottbus, Coburg, Nuremberg, and Leverkusen, had planned to revamp and reopen these premises after Galeria Kaufhof moved out. However, the only store that temporarily opened was a sports outlet on Frankfurt's shopping street, Zeil.
Concerns about Vacant Properties in the City Center
With the insolvency filing, it is now uncertain whether the former Galeria stores will reopen or become what local politicians, retailers, and residents fear: massive vacant properties in the heart of the city. This could potentially harm the city center's image and attractiveness. On Friday, a poster advertising a reopened Leverkusen store in autumn 2023 still hung on the window, but this plan may now be outdated.
According to the company, operations in the existing stores will continue as smoothly as possible. The management is currently assessing the possibility of opening the former Galeria stores in a timely manner. They want to keep the opportunity of restoring TEH Textilhandel's economic viability. The preliminary insolvency administrator expressed optimism and stated that there are possibilities for restructuring. "The continuation of the operational business is secured until further notice."
Sources:
- Handelsblatt: "Modehaus Aachener stellt Insolvenzantrag"
- Insider Info: "Fashion chain Aachener files for insolvency"
- WirtschaftsWoche: "Insolvenzantrag für Modehaus Aachener gestellt"