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credit: Reno
credit: Reno

German Shoe Retailer Reno Files For Bankruptcy

The company filed for bankruptcy just six months after the change of ownership. Reno is after Görtz another shoe retailer that has stumbled in recent times.

Shoe retail chain Reno is insolvent just six months after changing ownership. Insolvency proceedings were opened against both the parent company Reno Schuhcentrum GmbH and the subsidiary Reno Schuh GmbH. According to the company, Reno, which is one of the largest shoe retailers in Germany, currently operates around 180 branches and employs a total of around 1000 people. The submitted insolvency application therefore only affects the German branches – not the sister companies in Austria and Switzerland.

The ailing shoe retail chain only got a new owner six months ago. At the end of September, the HR Group sold the shoe retailer to cm.sports GmbH in cooperation with GA Europe. Attempts to bring the company back into the profit zone, for example through cost savings, were not sufficiently successful. In recent months, however, sales have fallen short of expectations. Even before the takeover by a new shareholder in autumn 2022, insolvency could not be ruled out, according to a statement. The company is currently in coordination with the provisional insolvency administrator in order to enable a new start from the insolvency.

Large parts of the shoe trade are in crisis due to the consequences of the corona pandemic and the price explosion triggered by the Ukraine war. The Hamburg shoe retailer Görtz had to seek rescue in a protective shield insolvency procedure last September.