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PRESS RELEASE : Adler Modemärkte AG: ADLER reaches key milestone in restructuring

07/28/2021 | 03:03am
DGAP-News: Adler Modemärkte AG / Key word(s): Miscellaneous 
Adler Modemärkte AG: ADLER reaches key milestone in restructuring 
2021-07-28 / 09:02 
The issuer is solely responsible for the content of this announcement. 
Press information on Adler Modemärkte AG 
Creditors agree to insolvency plan 
ADLER reaches key milestone in restructuring 
Over 2,600 jobs and more than 130 locations saved after investor concept implemented 
Haibach, near Aschaffenburg, 28 July 2021 - With the unanimous approval of the insolvency plan at the debate and voting 
session in court, the insolvency creditors of Adler Modemärkte AG have laid the key milestones for the restructuring of 
the fashion retailer. The Aschaffenburg Local Court confirmed the insolvency plan, which can now be implemented. The 
aim is to end the insolvency proceedings, which commenced on 1 July 2021, under own management by the end of August 
this year. 
The insolvency plan sets out all financial and operational restructuring measures for the company on the basis of the 
concept presented by the investor Zeitfracht Logistik Holding GmbH, Berlin. The company had previously accepted 
Zeitfracht's offer to reach an investor agreement, after the creditors' committee expressed its support for the deal. 
Antitrust approval has already been granted to finalise the investor agreement with Zeitfracht Logistik Holding GmbH. 
The insolvency plan would write off company debt and keep over 100 fashion stores open in Germany and 29 abroad 
(Austria: 24, Luxembourg: 3, Switzerland: 2). The new structure planned could see more than 2,600 jobs saved. 
The restructuring of ADLER will be headed by Adler Modemärkte AG's existing Management Board, led by CEO Thomas Freude. 
Zeitfracht managing directors Melody Harris-Jensbach and Wolfram Simon-Schröter will also provide support in an 
advisory capacity. 
Under the insolvency plan, insolvency creditors will be able to expect payment on a considerable share of their claims. 
The insolvency plan for financial restructuring of the company also includes reducing capital by decreasing Adler 
Modemärkte AG's share capital to zero and then injecting new equity as part of a capital increase by the investor 
Zeitfracht, who then becomes ADLER's sole shareholder. Existing shareholders will leave the company as part of this 
process. Shares in the company will also be delisted when the capital reduction to zero takes effect. 
"ADLER is saved! Approval from creditors secures the jobs of over 2,600 of our great employees and ensures the survival 
of over 130 locations. Considering the exceptionally tough conditions experienced since the beginning of the year, this 
is a great success," commented Thomas Freude, the company CEO. 
Dr Christian Gerloff, a lawyer and authorised representative of Adler Modemärkte AG, added, "ADLER is a prime example 
of a company that has found its existence threatened through no fault of its own as a result of the turbulence caused 
by the pandemic. So I am all the more delighted that, thanks to the excellent cooperation of everyone involved and the 
agreement by creditors today, the company can continue its successful course that it enjoyed before the pandemic. I 
would also like to express my special thanks for the excellent cooperation with the insolvency court in Aschaffenburg." 
Solicitor Tobias Wahl (Anchor law firm): "Not even seven months after the application was filed, ADLER's insolvency 
proceedings are now in the home stretch. This is all the more impressive considering the adverse conditions resulting 
from months of lockdown. The investor solution reached with Zeitfracht not only means that business operations can 
continue, it also partially satisfies creditor claims." 
The debate and voting session on the insolvency plans at subsidiaries Adler Mode GmbH and Adler Orange GmbH & Co. KG 
also took place today. In both cases, creditors approved the plan. 
High demand at ADLER fashion stores 
A promising future for the company is bolstered by ongoing high customer demand at ADLER fashion stores, which reopened 
several weeks ago after the end of lockdown. Renewed marketing initiatives - which were scaled back dramatically during 
the coronavirus pandemic - are also having an increasingly positive effect. 
Contact for press and investor relations at Adler Modemärkte AG: 
Peter Dietz 
Media and Investor Relations 
Tel.: 069 - 97 12 47-33 
Jasmin Dentz 
Media and Investor Relations 
Tel.: 069 - 97 12 47-31 
About Adler Modemärkte AG: 
Adler Modemärkte AG, based in Haibach near Aschaffenburg, is one of the largest and most significant textile retailers 
in Germany. ADLER employs around 3,100 people and operates 172 fashion stores, 142 of which are in Germany, 24 in 
Austria, three in Luxembourg, two in Switzerland and one online. The company focuses on large stores with sales areas 
of over 1,400 m^2 and provides a wide range of goods with numerous own brands and selected external brands. Thanks to 
over 70 years of high customer loyalty, ADLER's own figures identify it as the market leader among the over 50s - a 
segment with significant purchasing power. 
For more information see; 
2021-07-28 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at 
Language:     English 
Company:      Adler Modemärkte AG 
              Industriestraße Ost 1-7 
              63808 Haibach 
Phone:        +49 (0) 6021 633 0 
Fax:          +49 (0) 6021 633 1299 
ISIN:         DE000A1H8MU2 
WKN:          A1H8MU 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1222196 
End of News   DGAP News Service 

1222196 2021-07-28

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(END) Dow Jones Newswires

July 28, 2021 03:02 ET (07:02 GMT)

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