Cologne, Germany, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Gordon Brothers, the global advisory, restructuring and investment firm, announced today it has been engaged by German fashion retailer Bonita to support its restructuring proceedings as the COVID-19 environment continues to hinder retail across Germany.
Bonita is a large fashion retailer based in Hamminkeln, Germany. Established in 1969, Bonita has built a strong market position and brand awareness for best age women. The company's retail store portfolio spans over six European countries.
In June 2020, Bonita applied for insolvency protection and appointed Roland Berger to lead the mergers and acquisitions process and lawyers from GOERG and Schultze & Braun were instructed to support Bonita's management in its self-administration.
Following numerous discussions with the management, its advisors and a competitive tender process, Gordon Brothers was successful in the bid to run the store closures.
The pan-European project includes the closure of a significant number of unprofitable retail stores across Germany, Austria and the Netherlands, over 30 million euros of retail inventory and intake of the distribution centre inventory. The vast majority of Bonita's over 600 stores will remain open and continue to re-build Bonita's focus on its key customers.
Additionally, the project will include the disposition of furniture, fixtures and equipment and the opportunity to purchase and sell augment inventory.
"We're proud to support the team at Bonita with their restructuring plans while preserving the integrity of their brand as they continue to trade," said Olaf Galler, Gordon Brothers Managing Director, Europe Retail.
Karsten Oberheide, Bonita CEO, agreed stating they are pleased to work with a professional retail expert like Gordon Brothers.
"Gordon Brothers helped us leverage millions of retail inventory of Bonita and support the required restructuring while at the same time preserving the integrity of the strong Bonita brand," said Oberheide.
Gordon Brothers have proven experience in the retail fashion sector having globally managed projects like Bonita involving over 100,000 stores and 3 billion euros of inventory at retail value, making the retail team well positioned to successfully complete this major pan-European project.
For more information, please contact Olaf Galler at ogaller@gordonbrothers.com
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About Gordon Brothers
Since 1903, Gordon Brothers) has helped lenders, operating executives, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across five continents.
About Bonita
The fashion brand BONITA, founded in 1969, creates easy to combine fashion for female customers in their best age. The ability to combine high-quality garments with ever new outfits is the heart of BONITA's clothing line and the basis for the collections. The collections are created and manufactured exclusively for BONITA and are characterized by loving details, perfect fit and extraordinary color accuracy. A friendly and competent customer service is part of the company philosophy. BONITA operates over 600 shops, over 60 shop-in-shops and is active in its core market Germany as well as in Austria, Switzerland and the Benelux countries. The company employs more than 2700 people. For further information please visit: www.bonita.de
