Framode GmbH files for self-management insolvency
The German subsidiary of the French clothing brand Pimkie has run into financial difficulties. The management of Framode GmbH, based in Willstätt, Baden, which develops and operates the Pimkie branches in Germany, therefore applied for protective shield proceedings to the responsible district court in Offenburg on September 9th. The court has appointed lawyer Dr. Felix Höpker from the business law firm White & Case was appointed as provisional administrator.
Framode GmbH, based in Willstädt, Baden, currently runs 75 Pimkie branches in Germany and employs a total of around 350 people. Annual sales in the 2019 financial year amounted to almost 50 million euros. Pimkie was founded in France in 1971 and the brand has also been represented on the German market since 1988. The chain store offers women's fashion, accessories and shoes. The Pimkie stores in Austria or sister companies of Framode GmbH are not taking part in the protective shield procedure applied for.
“We are continuing to implement our transformation process under the protective umbrella, which lasts up to three months,” explained Managing Director Patrik van der Linden. “We want to remain present with Pimkie stores in as many regions as possible and at the same time consistently expand our digital presence.” The Düsseldorf-based restructuring consultancy Plenovia accompanies the business implementation of the measures.
“As part of the protective shield procedure, we will immediately continue the various discussions with business partners that have already been necessary in the past weeks and months,” explains lawyer Kilian Haus from Buchalik Brömmekamp, who is the general representative on site for the duration of the procedure will support. Attorney Katrin Schröder from the commercial law firm Osborne Clarke advises the management of Framode GmbH on all legal aspects of the restructuring.
