The creditors’ meeting approved the plan on Monday and the insolvency court also confirmed it. The German Federal Cartel Office has also already given its approval. The business operations of the long-established German company are now to be taken over by Cisalfa on June 1 and the insolvency proceedings lifted. This should save around 1050 jobs.
As part of the restructuring, some stores have been and will be closed, including the flagship store in Munich. The family-owned company Cisalfa operates more than 150 stores in Italy and 50 stores in Germany through its subsidiary Sport Voswinkel.
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