Court of First Instance rejects bankruptcy claim
The fashion retailer Sinn, once known as SinnLeffers, has successfully navigated through the insolvency proceedings and is now set to move forward. The Hagen Local Court has lifted the insolvency proceedings for the chain, marking a significant milestone in its journey.
The retailer, which previously filed for insolvency in 2020, initially initiated the process in self-administration in August 2024. The insolvency administrator during these proceedings was Michael Mönig.
Before 2020, SinnLeffers had also faced financial hardships, filing for insolvency in 2008 and 2016. However, the last recorded turnover for Sinn was 240 million euros, indicating a resilient business despite the challenges.
The takeover offer, which was favourably voted by creditors at a meeting in late April, envisaged the retention of all 34 Sinn locations and the employment of all 1,500 employees. At the time of the application in the summer of 2024, there were still 41 Sinn fashion stores.
Sinn fashion stores are predominantly found in mid-sized cities, with a majority (22) located in North Rhine-Westphalia. Around 75 of these employees work at the headquarters in Hagen, North Rhine-Westphalia.
The court's decision means that Sinn has successfully restructured, providing a promising future for the fashion chain. A spokesperson for the insolvency administrator Michael Möning reported this.
This development is a testament to the resilience of the fashion industry and the determination of Sinn to bounce back from adversity. With a strong foundation in place, Sinn is poised to continue serving its customers in the fashion-conscious mid-sized cities across several federal states.
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