Investor doesn't pay millions – wages are at risk

Investor does not pay millions

Shoe retailer Görtz insolvent: wages in acute danger

After the traditional company Görtz went bankrupt again, the wages of around 400 employees are threatened. This makes the path to rescue more difficult.

After the recent bankruptcy of the Hamburg shoe retailer Görtz, the wages of employees are now in acute danger. “Our conclusion after four days of intensive examination is clear: the situation is critical,” said insolvency administrator Gideon Böhm following a works meeting of the approximately 400 employees of Görtz Retail GmbH. The Hamburg district court initiated the insolvency proceedings on Monday.

The restructuring concept developed after the first bankruptcy in 2023 is particularly problematic, said Böhm from the Hamburg law firm Münzel & Böhm. The Austrian investor CK Technology Solutions GmbH from Bolko Kissling only made the first part of the promised contribution of 500,000 euros. “The second part amounting to 1.3 million euros was not paid but was offset against alleged counterclaims.”

According to the information, this process has been pending at the Hamburg Regional Court since May 2024 – and can now have serious consequences for the employees. Because, in the opinion of the Federal Employment Agency, this does not eliminate the first insolvency event, insolvency money cannot now be granted again. This view is currently being examined by labor lawyers and could also be addressed legally, explained Böhm.

The preliminary insolvency proceedings initiated due to four third-party applications from landlords are therefore experiencing an extremely difficult initial situation. “Until the possible granting of insolvency money is finally clarified, we must try to generate as much liquidity as possible from our own resources in order to be able to pay the salaries of the employees.”

In the meantime, several well-known prospective buyers have already contacted Böhm on their own initiative. Discussions were already underway. “The primary goal, however, is to make salary payments possible for all employees.” At the same time, everything is being done to preserve the traditional Hamburg company, which was founded in 1875. “However, the solution to this is not in our hands,” said Böhm. Because the Görtz trademark rights did not belong to Görtz Retail GmbH, but to an Austrian company.

At the start of the first insolvency proceedings in September 2022, Ludwig Görtz GmbH and its two subsidiaries Görtz Retail GmbH and Görtz Logistik GmbH still had around 1,800 employees. At that time, the company operated around 160 branches in Germany and Austria. As a result, the company had to close numerous locations. Often it was about rent arrears. According to media reports, there are now only around 30 branches left in Germany and Austria.