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Traditional men's outfitter Wormland files for bankruptcy - 250 employees affected!
Wormland, a traditional men's outfitter, files for bankruptcy. Almost 250 employees are affected. Financing remains secured.
Traditional men's outfitter Wormland files for bankruptcy - 250 employees affected!
The traditional men's outfitter Wormland has now filed for bankruptcy, which is causing unrest among employees and customers alike. With nine branches in Germany and around 250 employees, the company sees itself in a precarious situation. According to managing director Ralf Napiwotzki, the ongoing reluctance to buy men's fashion is the main reason for this step. This has already been reported by Ruhr24.
The company, which has almost 90 years of history, was only taken over by Lengermann & Trieschmann a year ago after it had already gone through insolvency proceedings on its own in 2024. At this point, Wormland still employed 300 people. Mark Rauschen, the head of L&T, has admitted errors in the planning that led to the current situation.
Future perspectives
Despite the difficult situation, ongoing operations will continue and all nine branches will remain open. The employees' salaries are secured for the next three months by insolvency money from the employment agency. An investor process is set to start shortly and the first interested parties have already registered.
The role of Stephan Michels, who was appointed as provisional insolvency administrator, deserves special mention. His job will be to steer the company's fortunes in these turbulent times and possibly help it achieve a soft landing.
The situation on the market
Wormland's insolvency is part of a worrying trend, as IWH analyzes show: insolvency announcements are increasingly influenced by market changes. The greatest reductions in employment often occur in the year before an insolvency, which could also have been the case with Wormland. The data shows that in the current economic situation, the focus is primarily on large companies, while small companies often do not receive the attention they deserve.
Finally, it remains to be seen whether the efforts to find a new investor will be fruitful and whether a healthy future can be secured for Wormland. Negotiations are in the starting blocks and there is hope that the company will be able to get back on its feet again soon.