What: As excepted, the court has opened the self-administration proceedings of Peek & Cloppenburg KG which allows management to remain authorized to act and issue instructions.

Why it is important: The self-administration proceedings are a move to position Peek & Cloppenburg KG for the future and adapt it to changing markets.

Peek & Cloppenburg KG's self-administration proceedings have been opened by the district court in Düsseldorf.

The restructuring, which includes reductions of 350 administrative jobs, can now go ahead as the company aims to prepare a detailed restructuring plan and strike an agreement with creditors.

The insolvency money period has ended and the firm's pay schedule can now return to normal.

Discussions on the plan with equity providers and debt are expected to begin in the summer.

District court of Düsseldorf gives P&C the go-ahead for self-administration