Fashion

Gerry Weber receives 49.2 million euros in funding


Gerry Weber receives 49.2 million euros in funding

Gerry Weber International Ag has announced that in the ongoing
insolvency proceedings under self-administration, the company has received
49.2 million euros (55 million dollars) in funding from Robus Capital
Management Ltd. and Whitebox Advisors LLP.

Commenting on the development, Johannes Ehling, spokesman of the
managing board of Gerry Weber International AG, said in a statement: “We
are delighted to have found Robus and Whitebox as strong partners with
great experience and standing in the fashion industry. Today’s binding
agreements provides clarity and security for our customers, business
partners and staff. Now, and with new vigor, we can continue with the
further implementation of our operative repositioning and
restructuring.”

The company added that currently ongoing implementation of the
restructuring concept of Gerry Weber will continue within the interest of
the creditors of the company and the creditors assembly, which needs to
approve the insolvency plan, is expected to take place within the third
quarter of 2019. The company aims to conclude the insolvency proceedings in
late fall this year.

Since January 25, 2019, the company has been undergoing insolvency
proceedings under self-administration. Regardless of the ongoing insolvency
proceedings, the company further said, financing of the ongoing operations
of Gerry Weber is secured well into the year 2020.

Picture:Facebook/Gerry Weber



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