2024-08-27 16:07:17
PETER HAHN is an internationally active traditional multi-channel company offering fashion, style and lifestyle to the so-called oldest customers, headquartered in Winterbach in the district of Rems-Muhl (Baden-Württemberg) , a group from the UK that has signed an investor agreement with Worth. Peter Hahn thus takes a decisive step towards long-term restructuring and the conclusion of self-administered insolvency proceedings. Previous financiers had agreed to the entry of Voss Group. PETER HAHN and Worth Group complement each other in terms of customers, sales channels and business processes. The partnership creates a leading remote sales company in Western Europe and the UK.
- Worth Group to implement investor access as part of bankruptcy plan
- Worth Group now offers temporary financing
- It is planned to implement investor access (delivery) at the end of September
- All existing positions can be retained
- Business operations will continue fully independently
Following the entry of the Worth Group, Peter HAHN’s business will continue to operate independently and currently employs approximately 500 people at the Winterbach site. There is a significant overlap in business activities with PETER HAHN’s business operations, especially in terms of customer structure and high-quality goods offered,” says Managing Director Daniela Angerer.
“We believe that the acquisition of Peter Hahn, a traditional and respected company, significantly enriches our investments in the fashion sector and that our companies can benefit from each other. In addition, Peter Hahn’s strong presence in the DACH region and the Netherlands “From a geographical perspective “Look, this also represents an ideal expansion of Voss Group’s international presence and the ability to develop a large number of new customers,” added McAlester (CEO of Voss Group).
The investor agreement now signed and the interim financing granted by Voss Group form the basis for the entry of investors, which will be implemented as part of the insolvency plan. “We are very pleased that despite the difficult economic climate in the fashion industry, PETER HAHN managed to find long-term sustainable solutions and was able to save all jobs,” emphasizes Managing Director Jörg Marx. “The addition of Worth Group is also a very good solution, providing long-term security to many of PETER HAHN’s suppliers who have remained loyal to us during the self-administered insolvency proceedings and have enabled our restructuring by continuing to supply them. becomes possible,” adds managing director Alexandra Koenke.
Peter Hahn launched so-called protective shield proceedings with the Stuttgart District Court on October 23, 2023. The management includes Daniela Angerer, Alexandra Kohnke, Jörg Marx and restructuring manager Detlef Specovius from the law firm Schultze & Braun, restructuring representatives Dr. Andreas Kleinschmidt and Ph.D. Nicolai Fischer of the law firm White & Case and Holger Leichtle of the interim administrator Dr. GÖRG law firm subsequently proposed the concept of sustainable renovation and spent huge sums of money to implement it. “It is gratifying that the profound restructuring of PETER HAHN is actively supported by customers, suppliers, creditors and especially employees. On this basis and with the help of the investor solutions found, it is possible to end itself Managing the situation. Andreas Kleinschmidt and Dr. Nikolai Fischer. Detlef Specovius added: “The solution found provides a solid basis for the long-term independent continued existence of PETER HAHN. , I am delighted to see the commitment and commitment of all involved over the past few months leading to this outcome. “
On the buy side, Till Buschmann and Katrin Schröder from BCLP Frankfurt and Richard Obank from BCLP London are responsible.
About Peter Hahn: PETER HAHN is a high-quality, high-priced fashion retailer founded in 1964 in Winterbach, Swabia. Today, the multi-channel company’s products include high-quality fashion and home accessories, sold through catalogs, online and stationery retail in four European countries. The company offers a variety of products under more than 300 brands. The company mainly targets women aged 45 and above. www.peterhahn.de
About Voss Group: The Worth Group is a UK-based omni-channel, multi-category fashion retailer that works with a range of unique lifestyle brands targeting different market segments of the over-50 crowd. Worth Group successfully acquired a number of companies in 2023, including Scotts & Co, Thought and Hotter. These brands complement Worth Group’s original lifestyle brands WoolOvers, Pure Collection and Roama. Worth Group has over 8 million identifiable clients and serves people aged 50 and over in the UK, US, Australia and Europe.
About Schutz & Braun: Schultze & Braun is a leading provider of insolvency administration and restructuring and bankruptcy law advice. Schultze & Braun has approximately 500 employees at more than 30 locations in Germany and other European countries and supports local, national and international companies in all legal, tax and commercial matters.
About Whitecase: White & Case is a leading global law firm with offices in all major financial and economic centers around the world. In Germany, approximately 250 lawyers, tax advisors and notaries are located in Berlin, Düsseldorf, Frankfurt am Main and Hamburg and are a well-established and fully integrated part of a strong international network, providing legal work of the highest standard. (www.whitecase.de). The firm has been one of the most respected insolvency and restructuring practices in Germany for 35 years (www.whitecaseinso.de).
About BCLP: With more than 1,275 attorneys in 31 offices across North America, Europe, the Middle East and Asia, BCLP is a fully integrated global law firm providing clients with relevant legal advice wherever and whenever they need it. The German firm has more than 60 lawyers in Berlin, Frankfurt and Hamburg. The firm is known for its service- and team-oriented culture, extensive legal expertise and industry-leading innovation. It provides clients with one of the most active M&A, real estate, financial services, litigation and corporate risk practices in the world (www.bclplaw.com).
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