Hamburg's Görtz branch faces closure, according to the statement.
Hamburg, Germany - The once-prominent shoe retailer Goertz, known for its considerable presence in its hometown, has now shuttered its last store in the city's Europa Passage, marking the end of an era for the struggling brand. Once boasting over a dozen stores within Hamburg alone, the insolvent company now finds itself far from that peak.
The vacancy in the Europa Passage signifies the closure of Goertz's fourth Hamburg store, following closures at the Elbe shopping center, Mercado, and the company's headquarters on Moenckebergstraße/Spitalerstraße, all due to mounting rental debts. This represents the second insolvency procedure for Goertz in a short span, with the company once boasting 160 stores in Germany and Austria at the onset of the first procedure. By the time a new insolvency administrator was appointed earlier this year, there were only 30 stores left.
With the online shop offline since last summer, and the company's website significantly out of date, the possibility of a resurgence for Goertz remains slim. The staff from the Europa Passage are set to be temporarily redeployed in the company's remaining northern German stores in Lübeck and Oldenburg.
Industry-wide challenges have been prevalent in the German shoe market, with redundancies and restructuring efforts reported across the sector. However, Goertz's ongoing reopening endeavors, such as the branch in Oldenburg, and collaborations with brands like Blowfish Malibu, suggest a focus on bolstering its brand presence.
Despite the company's troubles, an ambitious investor, Bolko Kissling, was believed to be poised to rescue Goertz by paying the agreed 1.8 million euros purchase price in full. However, a legal dispute over the outstanding 1.3 million euros remains unresolved, casting doubt on Kissling's commitment to the company's revitalization.
The closure of Goertz's fourth store in Hamburg signifies a challenging time for the retail industry, with the finance sector needing to address the outstanding rental debts incurred by the struggling brand. Amidst industry-wide difficulties in the German finance and retail sectors, potential investors like Bolko Kissling are crucial to the future of troubled finance-dependent companies such as Goertz.
