Fashion retailer Adler Modemärkte AG is now is ready to be taken over by Berlin-based logistics company Zeitfracht, which has made a name for itself by taking over insolvent companies. Zeitfracht will supply company from Haibach near Aschaffenburg with the fresh capital needed urgently. The takeover offer could become effective after the opening of insolvency proceedings, which is expected in early July, explained Adler Mode.

Adler fashion chain, which specializes in fashion for the over-50s, filed for bankruptcy in January, attributing the development to the months of forced store closings during the pandemic and the associated slump in sales.

Zeitfracht recently submitted an irrevocable takeover offer for the company with 172 branches in Germany, Austria, Switzerland and Luxembourg. “The offer is the chance for a successful new beginning for Adler,” its chief executive officer Thomas Freude was quoted as saying by European fashion media outlets.

The company did not disclose anything about the purchase price.
The shareholders should go away empty-handed according to the insolvency plan. Zeitfracht will become the sole owner with the capital injection. “The existing shares will in all likelihood be completely worthless,” it said in a press release.

Fibre2Fashion News Desk (DS)

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