Kurtz Spielwaren

Acquisition of the assets of a German Toy Business out of insolvency

Transaction background

• Spielwaren Kurtz filed for insolvency in May 2020. GA Europe partnered with a new owner in the bidding process where GA Europe’s going concern concept was selected as superior to the alternatives: a strategic bidder and a´liquidator´.
• GA Europe  acquired significant assets of Spielwaren Kurtz and implemented an restructuring process in three Months. In parallel Spielwaren Kurtz NewCo was set up and a new assortment, marketing and POS approach..
  

Operational details

• GA Europe took over 10 stores in Germany.
• GA Europe traded out all existing stock and closed 2 unprofitable stores.
• GA Europe has recruited new employees to ensure sufficient and flexible occupation in the branches.
• GA Europe executed its proven trade out programme including discount/stock management, POS signs, and a guided in-store trade out process.
• GA Europe was in control of cash management.
  
  

Outcome

• The purchasing price paid by GA Europe settled all insolvency creditor claims.
• GA Europe and NewCo worked closely together to shape a restructuring plan.
• GA Europe executed the restructuring plan and NewCo took over operations successfully in a 12 weeks.