Dressmann

Acquisition of the assets of an Austrian Men’s Wear Business out of insolvency

Transaction background

• With no attractive offer of a strategic buyer; Dressmann filed for insolvency in May 2020.
• GA Europe implemented an alternative restructuring process which provides more time than an immediate shut down of the business and auctioning of assets.
• GA Europe acquired with a partner the assets of Dressmann: Stock, Fixtures/Fittings/Equipment, IP and Goodwill.

Operational details

• GA Europe took over 31 stores in Austria.
• GA Europe traded out all existing stock.
• GA Europe has recruited new employees to ensure sufficient and flexible occupation in the branches.
• Handover of the stores broom clean (closure stores to the landlords).
• GA Europe executed its proven trade out programme including discount/stock management, POS signs, and a guided in-store trade out process.
• GA Europe´s retail operational expertise had an immediate and significant impact on the chain´s trading performance, increasing like-for-like sales by 160%.
• GA Europe was in control of cash management. 
  
  

Outcome

• The purchasing price paid by GA Europe settled all insolvency creditor claims.
• GA Europe and trustee worked closely together to shape a closure plan.
• GA Europe reopened the stores in June with hardly any infrastructure and closed the stores in August successfully.