Overview

• Insolvency administrator Stefan Denkhaus confirmed the takeover by the Böck family and former Tom Tailor chief Dieter Holzer.
• Closed filed for insolvency in August citing heavy debt and related costs despite an underlying profitable core business.
• The company employs about 450 people and most recently generated roughly €120 million in annual revenue, according to the administrator.
• Closed operates 27 stores across Germany, Austria, the Netherlands, Belgium and Spain, plus six outlets and nine franchise locations, and foreign sites were not affected by the filing.
• Sales are split roughly 40% wholesale, 35% own stores and 25% online, and further details of the deal are due at a joint press briefing on Monday.