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Düsseldorf (dpa) - The shoe repair and service provider Mister Minit is ceasing its business operations in Germany.
The buyer of the newly established company in self-administration in the insolvency proceedings had surprisingly resigned from the purchase contract, said the restructuring expert Christoph Enkler from the law firm Brinkmann & Partner, appointed for self-administration, on Friday.
The purchase agreement of November 4, 2020 provided for the takeover of the restructured business of Minit Service GmbH with 116 shops and around 250 employees in Germany by March 1, 2021 at the latest.
Self-administration and trustees are now examining legal steps against the buyer belonging to the Minit Group, the message continues.
"We were on the right track with the restructuring plan," said managing director Michael Heina.
Unfortunately, the liquidity situation is forcing the company to cease operations.
Since the ongoing lockdown on the current liquidity situation of Minit Service GmbH is having a full impact with daily high losses and the interest of alternative investors is at zero, the self-administration is forced to stop business immediately, the firm also said.
A bridging of the lockdown with state aid is denied the Minit Service GmbH as a company in insolvency.
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Minit Service GmbH filed for insolvency at the Düsseldorf District Court at the end of April 2020.
The insolvency proceedings under self-administration were opened on August 1st.
Mister Minit not only suffered from the Corona crisis.
Even before the pandemic, the market for shoe repairs had developed poorly.
Most recently, the company had around 150 shops with 345 employees in Germany.
© dpa-infocom, dpa: 210305-99-700160 / 2
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