The women’s fashion group Appelrath Cüpper is saved. A competitor from Austria takes over the branches.
The women’s fashion chain Appelrath Cüpper, which was shaken by the Corona crisis, is saved. The company, founded in 1882, had successfully completed the insolvency proceedings under self-administration at the end of the year, announced the company’s general manager, Jasper Stahlschmidt, on Monday. The Cologne District Court lifted the insolvency proceedings.
All 16 branches would be continued. The vast majority of the current 900 jobs will also be retained, according to a company statement. The Austrian textile retailer Peter Graf is the new owner of Appelrath Cüpper. He is co-owner of Kleid Bauer, one of the largest fashion retailers in Austria.
Corona crisis caused sales to collapse
Appelrath Cüpper generated annual sales of around 110 million euros in 2019. In April last year, the company had to file for bankruptcy in self-administration at the Cologne District Court after sales collapsed as a result of the pandemic.
The situation for Appelrath Cüpper was not easy even before the Corona crisis. The company was in the middle of a restructuring process.