2024-08-07 06:45:41
The last few years have been turbulent for the fashion chain Sinn. Now the company is insolvent – once again.
The fashion house Sinn from Hagen has filed for bankruptcy. This is the fourth time that the fashion chain has become insolvent. The company’s owners have changed just as often in the past, reported the “Westdeutsche Rundfunk”. There are several reasons for the bankruptcy, said Michael Mönig.
The business lawyer from Münster was appointed as insolvency administrator. According to him, the fashion chain operates 41 stores, more than half of which are in North Rhine-Westphalia. Most of the branches are located in medium-sized towns such as Unna, Kleve and Wesel and around 1,500 people work for the group. The stores offer fashion in the medium to upper price segment.
The insolvency was preceded by technical defects and water damage in several branches, which temporarily paralyzed individual floors or entire buildings. This led to a drop in sales, the company said. Sinn also said the poor economic situation in the country and the introduction of an expensive inventory management system were responsible for the insolvency.
In addition to Mönig as insolvency administrator, Hamburg lawyer Jan Ockelmann will support the management in saving the company. The aim is to preserve as many locations and jobs as possible, said Ockelmann.
The first “Gebrüder Sinn haberdashery” was opened in Cologne in 1850. After a merger in 1997, the company was temporarily called SinnLeffers and from 2001 belonged to the Karstadt Group, which also went bankrupt several times, for four years. In addition, the southern German fashion house Wöhrl controlled the company for some time.
Sinn had to file for bankruptcy in 2008, 2016, 2020 and now 2024. The penultimate bankruptcy filing in the Corona year 2020 was also due to a drop in sales. After that, Sinn was on a growth path for some time. After the last bankruptcy, the company took over the textile chain Mensing with seven locations in NRW and opened two new branches in Goch and Duisburg.