The bag specialist Picard filed a preliminary protective shield procedure on May 11th. Picard cites the consequences of the corona pandemic as the cause. The sales and payment losses from retail, especially from foreign customers and the key account Galerie Karstadt Kaufhof, were too great, the Obertshausen-based company explains the step. The twelve own shops, which are mainly located in German airports, also have no customers until further notice.
“The Corona crisis affects us on all levels. Only the online area works well, which overall is not enough to avoid the threat of insolvency in the future,” said Picard. “The protective shield now gives us the opportunity to develop a coherent restructuring concept that we can adapt to the future. And this gives us the opportunity to lead Picard successfully into the future.” Picard achieved sales of 27 million euros in the last financial year, a quarter of which were achieved abroad.
