In a significant shift for the fashion industry, Gerry Weber, the beleaguered women's apparel manufacturer, has announced the closure of all its retail locations in Germany. This decision comes after the company entered into an agreement with the Spanish fashion firm Victrix, which will take over the Gerry Weber brand.
According to statements from the company based in Halle, North Rhine-Westphalia, the preliminary creditors' committee has approved Victrix's acquisition plan. The insolvency administrator, Lucas Flöther, has also given his consent to the deal.
Under the terms of the agreement, Victrix will assume ownership of the Gerry Weber brand but plans to close approximately 40 remaining shops and outlets in Germany, as well as additional locations in other countries, within the coming months. The Spanish company intends to distribute Gerry Weber's women's fashion through retail partners that carry multiple brands.
Gerry Weber has been facing a prolonged crisis, with previous attempts at restructuring in 2019 and 2023 failing to yield positive results. Despite significant cutbacks, including the closure of 122 out of 171 company-owned stores in 2023, the changes did not bring about the anticipated financial recovery.
