Picard is no longer insolvent and is back in the running. The German leather goods’ maker finished the self-administration period conceded by the District Court of Offenbach. The extraordinary management, requested in May of 2020, was useful for protecting itself from creditors.
Back in the running
Due to the pandemic and missed revenue (specifically from Galeria Karstadt Kaufhof), Picard turned to the Court to open an insolvency procedure. The company is now officially out of the crisis, since February 25th, 2021.
Cuts
As far as the self-management period goes, Picard decreased the number of its stores from 14 to 9. The brand also moved to fire 40 out of 150 employees and, in June 2020, it closed its site in Tunisia. The company manufactures in Germany, Ukraine and Bangladesh. As reported by website faz.net, Picard has about 2,000 employees all over the world. “Saving the plants was what was most dear to us – stated the CEO Georg Picard -. This was the only way to maintain the know-how we have in the quality handbags’ segment”. Picard was founded in 1928 and is now on its 4th generation.
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