Business · Companies · 20 hrs ago
Mäc Geiz to close about 60 stores as it restructures
Mäc Geiz plans to close about 60 stores in its restructuring, while 123 locations are expected to remain open.
The discount chain sells household goods, toiletries and stationery, mainly in eastern Germany.
It sought insolvency protection in May after customers cut spending and the company faced rising costs and strong competition, including from online businesses.
The company says up to 850 jobs could be preserved, and its logistics centre in Landsberg, Saxony-Anhalt, will remain open.
The company has not said how many workers will lose their jobs; it had nearly 1,200 employees in spring.
Creditors are expected to vote on a recovery plan in December at a court in Halle, which is intended to reduce the company’s debt and put it on a sound financial footing.
Mäc Geiz plans to close around 60 stores as part of its insolvency restructuring.
The German discount retailer said 123 locations are secured and will continue operating.
Its service and logistics centre in Landsberg, Saxony-Anhalt, will remain open, and up to 850 jobs could be retained.
The company did not say how many employees will lose their jobs.
Creditors are expected to vote on the restructuring plan in December.
- Who
- Mäc Geiz, a German non-food discount retailer.
- What
- It plans to close around 60 stores while continuing to operate 123 locations.
- When
- The closures are planned as part of the ongoing insolvency proceedings. Creditors are expected to vote on the restructuring plan in December.
- Where
- The retailer’s stores are mostly in eastern Germany. Its service and logistics centre in Landsberg, Saxony-Anhalt, will remain open.
- Why
- The company cited sustained consumer reluctance to spend, rising costs and strong competition, including from online businesses.
This story does not have two clearly opposing sides.
Mäc Geiz filed for insolvency in self-administration.
The company announced that around 60 stores would close and 123 locations were secured.
Creditors are expected to vote on the company’s restructuring plan.
- Stores to close
- Around 60
- Locations secured
- 123
- Jobs that could be retained
- 850
- Service and logistics centre
- Landsberg, Saxony-Anhalt
- Expected creditor vote
- December
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What people are saying
We are convinced of our business model and are pleased to be able to continue offering our product range to our customers at many locations.