Depot files for bankruptcy

2024.07.24

Decorative items retailer operates around 300 branches nationwide

The home accessories retailer Depot has filed for bankruptcy. The company has around 300 branches nationwide, as well as locations in Switzerland and Austria. In Germany, the chain employed around 4.400 people last year.

The Gries Deco Company, the company owned by Christian Gries that operates the Depot branches, announced that Depot is now to be restructured through a protective shield procedure. An insolvency plan is to be presented at an early stage, if possible before the end of this year. The company can appoint the administrator for the procedure itself. The Aschaffenburg District Court has already approved the protective shield procedure.

The aim is to "align the company sustainably with the new market conditions, particularly in close cooperation with the landlord and supplier base," the Gries Deco Company said. The first steps have already been taken: Sven Tischendorf and Alexander Höpfner, two "market-renowned and very experienced protective shield experts, particularly in the retail sector," have been appointed to the management board.

The path of the protective shield procedure was "very well prepared and deliberately chosen," explained owner and managing director Gries. Now "all those involved, especially employees, landlords, suppliers and business partners" should be approached quickly to discuss the next steps. Business operations are to continue without restrictions during the protective shield procedure. According to the group, wage payments are currently guaranteed until September.

The crisis at Depot has been escalating for some time. At the end of March, Gries announced his return to the top job after two years and parted ways with the then management. In 2023, Depot recorded sales of 330 million euros. Before the corona pandemic, it was around 410 million euros a year, Handelsblatt quoted the current managing director as saying at the time.