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Retailer insolvency: Half of Groschen Markt stores to continue
🇩🇪 Germany /Economy & Trade

Retailer insolvency: Half of Groschen Markt stores to continue

From Die Zeit · () German

Translated from German and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources New plan
  • Buyers will take over 22 of Groschen Markt’s 41 stores, allowing roughly half of the insolvent retailer’s locations to continue operating.
  • Most stores will reopen under new names, while three locations in Thuringia will retain the Groschen Markt brand.
  • About 80 of the company’s 170 jobs will remain, and another takeover is expected in November.

Roughly half of the insolvent Groschen Markt discount stores can continue operating after buyers were found for 22 of the chain’s 41 locations.

Most of the stores will continue under new names. The Groschen Markt brand will remain at only three locations in Thuringia. The planned continuations include 10 stores in Thuringia, six in Saxony-Anhalt, four in Saxony and two in Brandenburg.

The chain, which operates mainly in eastern Germany, filed for insolvency in December through its parent company, DEC Handelsgesellschaft mbH. The company attributed the filing to consumers’ continued reluctance to spend. In March, the initial expectation had been that as many as 30 of the 41 stores could be saved.

Groschen Markt employed 170 people, according to its own figures. Insolvency administrator Olaf Spiekermann said about 80 jobs would remain. He described the negotiations as lengthy, citing the difficult market environment. A further takeover is expected in November.

About this summary

Originally published by Die Zeit in German. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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