Overview
- Picard submitted a Sanierungsverfahren in Eigenverwaltung for its two operating German companies in mid‑June and the Amtsgericht Offenbach approved the procedure.
- Self‑administered restructuring means current management stays in office while a court‑appointed provisional trustee and external advisers monitor and guide the rescue effort.
- Picard says normal business will continue and that the online shop, brand stores at Frankfurt and Munich airports, supplier deliveries and payroll for about 90 employees are secured for now.
- The court named Nadja Raiß as provisional trustee and the company has hired Görg and Montag & Montag as restructuring advisers with a planned completion of the procedure in autumn 2026.
- The filing follows earlier pandemic restructurings, ongoing weak consumer spending and a shift of most production to Ukraine and Bangladesh, and it will shape whether the near‑century‑old family brand can stabilize and preserve jobs ahead of its 2028 centenary.