Adler Modemärkte files for bankruptcy protection

As a result of the renewed officially ordered closure of 169 of the total of 171 stores until at least the end of January 2021, the management board of Adler Modemärkte AG has decided to file an application for the opening of insolvency proceedings in self-administration with the local court of Aschaffenburg. The company said in a statement, despite intensive efforts, the company was unable to close the liquidity gap caused by the Corona-related drop in sales through a capital injection from state support funds or investors.