BERLIN (dpa-AFX) - Gerry Weber International AG will take over the substantial assets of fashion company Wissmach Modefilialen GmbH, which has filed for insolvency, with effect from 15 March 2012.
Goppingen, Germany-based Wissmach filed for provisional insolvency in October 2011.
As part of an asset deal, Gerry Weber will take over the substantial company assets, including lease agreements, employment contracts of the branch staff as well as inventories. The companies did not disclose the purchase price. Gerry Weber will fund the transaction using own funds.
Chief Executive Gerhard Weber said, 'The takeover of the 200 Wissmach stores will allow us to accelerate the expansion of our own Retail segment even further. Especially our Taifun and Samoon brands should benefit from the takeover, as it will enable us to open our own mono-label stores.'
Gerry Weber projects sales revenues of 775 million euros and an EBIT margin of 14.8 percent for the current financial year 2011/12.
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© 2012 AFX News
