Successful Restructuring of Neckermann Austria AG
BBR Associates GMBH & Co KG assisted the publicly appointed administrator in identifying and winning the strategic investor TopAgers AG for continuing the venerable online and offline distance selling operations in Austria.
As a result of the insolvency of Neckermann.de GmbH, its subsidiary Neckermann Versand AG, Austria no longer had access to liquidity and was forced to file for bankruptcy just one month after its parent.
The courts appointed the solicitors ScherbaumSeebacher Rechtsanwälte GmbH from Graz, Austria as administrators. From the outset and with emphasis, the administrators aimed to first restructure and subsequently to divest the business.
Early on, BBR Associates GMBH & Co KG was retained by the administrators to look for and identify suitable investors and broker a transaction, in particular as it pertained to industry relevant strategic investors.
BBR is pround to announce that it could attract TopAgers AG of Germany as an investor and active operating partner for Neckermann Versand Austria after its successful financial restructuring. In large parts, the employees will remain with Neckermann Austria. Others were promised priority should circumstances allow for job openings in the future.
We remain convinced of the strength of the business itself and that together with TopAgers Neckermann Versand Austria can look towards a prosperous future.