Business · Companies · 1 day ago
Mäc Geiz to close around 60 stores during insolvency process
German non-food discount chain Mäc Geiz plans to close around 60 stores during its insolvency proceedings.
The company says 123 of its stores are secured, though it has not published a list of the locations that will shut.
Its logistics and service centre in Landsberg, Saxony-Anhalt, will remain open, and up to 850 jobs could be preserved.
Mäc Geiz applied for insolvency in May, citing continued reluctance by shoppers to spend and a need to restructure.
It sells everyday goods such as household supplies, drugstore products and stationery, mainly in eastern Germany.
The company aims to reduce its debt and improve its financial position, while also adding products and expanding parts of its range.
Creditors are expected to vote on the restructuring plan in December at the competent court in Halle (Saale).
Mäc Geiz plans to close around 60 stores during its insolvency process.
The company said 123 locations will continue operating.
Its logistics and service centre in Landsberg, Saxony-Anhalt, will remain open.
The company said up to 850 jobs could be preserved, but did not say how many employees may lose their jobs.
Creditors are expected to vote on a restructuring plan in December.
- Who
- Mäc Geiz, a German non-food discount chain.
- 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 process. Creditors are expected to vote on a restructuring plan in December.
- Where
- The chain operates mainly in eastern Germany. Its logistics and service centre in Landsberg, Saxony-Anhalt, will remain open.
- Why
- The company said it needed to restructure amid continued reluctance among consumers to spend.
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 would continue operating.
Creditors are expected to vote on the company’s restructuring plan at the competent local court in Halle (Saale).
- Stores to close
- Around 60
- Locations to continue
- 123
- Jobs potentially preserved
- 850
- Logistics and service centre
- Landsberg, Saxony-Anhalt
- Creditors’ vote
- Expected in December, at the local court in Halle (Saale)
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.