Germans call for creditors’ protection as CRV strikes Picard

Germans call for creditors’ protection as CRV strikes Picard

CRV strikes Picard. The leather goods manufacturer has recently submitted, before the District Court of Offenbach, a petition for creditors’ protection. In other words, they have filed for a composition with creditors (that is the name of the same procedure in Italy). The company, headquartered in Obertshausen, has made such decision owing to a shortage of capital assets, caused by the closure of their selling shops along with missed takings in multi-brand stores, where they hold a sale corner.

CRV strikes Picard

“Unfortunately, this is the only feasible way, that is, to file for a protection shield”, pointed out the company, which currently hires 2,200 employees and runs some manufacturing plants based in Bangladesh, Tunisia and Ukraine. As reported by SchuhMarkt, decreasing revenues alongside retail missed takings, most of all coming from foreign buyers, are far too high. Not to mention the crisis heavily affecting Galeria Karstadt-Kaufhof, a multi-brand business. “At present, our stores, mostly located inside German airports, are closed as well”, remarked Georg Picard, from the family’s fourth generation and Chief Executive Officer since 2015.

Revamp plans

“Now we can enjoy an opportunity to build up a consistent revamp plan – said Picard – to adapt ourselves to the future. We aim, therefore, at leading our company successfully”. In the last few weeks, the German leather goods manufacturer converted its plants to produce around 10,000 surgical masks a week. Despite such choice, the historic business, founded in 1928, could not prevent the crisis anyway.

Pictures taken from Picard’s Instagram account

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