What: The company requested a safeguard procedure in an attempt to overcome significant financial difficulties.

Why it is important: The chain, already shaken by the pandemic in 2020 and 2021, was unable to recover in 2022, with households limiting their spending on clothing, in a context of high inflation. The troubles at Peek & Cloppenburg Düsseldorf add to a list of struggling retailers in Europe, including Galeria Karstadt Kaufhof which announced the closure of a large number of establishments.

Peek & Cloppenburg has 2 independent entities, the Düsseldorf branch and the Hamburg branch, the latter not being affected by the triggering of the safeguard procedure. The 67 Peek & Cloppenburg Düsseldorf’ department stores – all in Germany – as well as its e-commerce remain open.

The group warns that a significant reduction in administrative staff, including at the management level, will be necessary. At this stage, there should be no redundancies in the 67 points of sale.

Peek & Cloppenburg Düsseldorf bought Magasin du Nord in May 2021.

Peek & Cloppenburg Düsseldorf is in difficulty