Schuhkette is to be renovated under self-management

KG Schuhkay GmbH & Co from Hamburg, operator of the Schuhkay1882 shoe chain, has filed for bankruptcy in self-administration. The Hamburg district court agreed to this. Schuhkay1882 operates 20 branches in Northern Germany. The branch company was only sold in April by the brothers Thomas and Joachim Kay to the Berlin-based Goal investment company owned by investor Steffen Liebich.

The Goal investment company had only taken over Schuhhaus Kay GmbH & Co KG in November, which itself operates 24 branches, and had also recently filed for insolvency under self-administration. The previous managing director Matthias Kay had also left the company there. The two shoe chains Schuhkay have been independent branches for 75 years, but had family ties. Steffen Liebich also owns the Leiser, Anika/Schuhhof and Schlatholt shoe chains.

Schuhkay1882, which had recently completed a relaunch in order to better differentiate itself from the Kay shoe store of the same name, was massively negatively impacted due to the restrictions caused by the Corona crisis, said Steffen Liebich. “The company's previous intensive negotiations with business partners to agree on necessary cost adjustments to the disruptive market changes were not sufficient to compensate for the long-term expected reduction in sales performance in the branch areas and to secure the company's sustainable financial ability to act,” it said in a statement.

The company is now to be comprehensively restructured and restructured under self-management. Peter-Alexander Borchardt, Hamburg, was appointed as trustee. Attorney Hanning Wöhren will break up the company in the restructuring process. Business operations should continue without restrictions.