Overview
- Creditors approved an insolvency plan on Tuesday, clearing the way for AIH Holding, linked to the Konckier family and Groupe Bogart, to take ownership of Parfümerie Pieper.
- Under the sanctioned plan 115 of the chain's 122 stores will stay open while seven locations will close.
- The founding Pieper family will step back from day-to-day management and reporting named Johanna Schlurmann as a likely leader during the transition to new management.
- Company statements say roughly 30 positions will be cut and about 740 jobs can be preserved from a workforce that was reported at around 770 earlier in the year.
- Commercial terms were kept confidential but the buyer's Groupe Bogart network and production capacity are expected to help stabilize the business and leave the Herne headquarters in place.