The French fashion label Promod filed for bankruptcy in self-administration last May. Now comes the end of the brand: At the end of February, all branches of the popular brand in Germany will close their doors forever!
Closure of 32 shops
The coronavirus not only affects people's health more and more, but also more and more retail companies. So does the fashion label Promod. While the German company of the French brand already filed for bankruptcy in self-administration at the Cologne District Court last May. The insolvency proceedings were opened in September 2020 and now the brand is out of business: At the end of February, the last 32 branches in Germany will close their doors forever, as the law firm Kreplin & Partner announced according to FashionUnited.
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Sales slumped too much
The corona pandemic has broken the neck of another retail company. Promod in Germany had to contend with difficulties before the virus broke out, but the Slump in sales due to the branch closings caused by the pandemic in the first and current lockdown is simply too big. Even the temporary reopenings in the past year until shortly before Christmas should not change the red numbers.
Online shop remains
Fans of the popular fashion brand don't have to worry, because according to Andreas Lobmeyr, Managing Director of Promod Germany, the online shop in this country is to remain and even be expanded. However, this is operated by the French parent company Promod SAS.
In addition to Promod, the pandemic has already ensured that other companies are about to end. In addition to brands such as Topshop, Tally Weijl or the German luxury label Escada, it does not only affect the fashion industry. Entire corporate groups, hairdressing chains, candy manufacturers, jewelry labels and restaurants are also affected by the crisis.
We'll tell you which companies have already filed for bankruptcy, closed branches or even laid off employees: