Successful investor search: insolvent fashion brand Closed has new owners

The insolvent German fashion brand Closed has been saved for now. On Thursday, the company announced the successful conclusion of its investor search, which began almost two months ago.

The new owners of Closed are the Böck entrepreneurial family and experienced fashion manager Dieter Holzer. The Böck family owns the clothing company Marc O’Polo SE. The company has been managed by Maximilian Böck since 2021. He is the son of Werner Böck, who acquired a majority stake in the originally Swedish company in 1997 and relocated its headquarters to Stephanskirchen in Upper Bavaria.

Dieter Holzer was Maximilian Böck's predecessor as CEO of Marc O’Polo and is now a member of the company's supervisory board. During his career, he also managed the clothing company Tom Tailor.

The new owners, together with insolvency administrator Stefan Denkhaus, will explain why they won the bidding process for Closed and what their plans are for the brand at a press conference on Monday. It has already been announced that Closed's headquarters will remain in Hamburg.

Closed filed for insolvency at the beginning of August

Closed GmbH filed for insolvency on August 5. The move was necessary “due to excessive debt and the associated financing costs”, the company stated at the time. The operating business, however, was “fundamentally profitable”.

Following the insolvency, an investor process was initiated. This reportedly led quickly to “promising discussions” with potential buyers for the premium brand, which was founded in 1978. This process has now been successfully concluded.

The company's most recent annual turnover was approximately 120 million euros, according to the insolvency administrator. At the time of insolvency, Closed had 27 of its own stores, nine franchise-partner stores and six outlets.

This article was translated to English using an AI tool.

OR CONTINUE WITH

Acquisition

Closed

Dieter Holzer

Insolvency