As a result of impending bankruptcy, the Depot chain, specialized in decorative items, is undergoing insolvency proceedings under its own management. While negotiations are ongoing, branches in Germany and Austria are closing one after the other.
By the end of the year there will be at least 27 branches in Germany. In Austria, 29 of the current 49 branches and approximately 230 of the 350 jobs must be retained. In any case, the branch network in Germany will shrink to 285 stores. It is expected that more branches will close.
Negotiations are still ongoing with a number of landlords. “We will consistently close stores from which we do not make any money,” the retail company’s director, Christian Gries, said on Monday.
Transition to regular activities aimed at mid-2025
According to the company, the goal is to be able to operate normally again by mid-2025. At the same time, Depot is also working on the range and a new positioning. “We have to become a concept store,” the company boss told the daily newspaper “Welt”. Consideration is being given to including brands in the range. The existing portfolio has in turn been streamlined. “There are now at least 30 percent fewer items in stores than before,” Gries told the newspaper.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
