Adler Modemärkte AG: ADLER receives irrevocable offer to conclude an investor agreement

DGAP-News: Adler Modemärkte AG / Key word(s): Financing
22.06.2021 / 16:35
The issuer is solely responsible for the content of this announcement.

Press Release from Adler Modemärkte AG

Promising perspective for the future of the company
ADLER receives irrevocable offer to conclude an investor agreement
Fast implementation of insolvency proceedings sought

Haibach (near Aschaffenburg), 22 June 2021 - today received an irrevocable offer from Zeitfracht Logistik Holding GmbH, Berlin to conclude an investor agreement. This is an important step towards the restructuring of the company, on which ADLER has been working intensively since 12 January 2021 as part of insolvency proceedings in self-administration. However, the acceptance of the offer by the company is still subject to the opening of insolvency proceedings over the assets of Adler Modemärkte AG. The Company assumes that the investor agreement can also be signed by it immediately after the opening of insolvency proceedings, which is expected for 1 July 2021. The goal is to file an insolvency plan with the court after the opening of the insolvency proceedings on 1 July 2021. Based on current planning, the insolvency plan is then to be submitted to the creditors' meeting for a vote by the end of July 2021. Ideally, the company will be able to terminate the insolvency proceedings as early as the end of August 2021.

The irrevocable offer was submitted after review and approval by the creditors' committee. In addition to all German subsidiaries, those in Austria, Switzerland and Luxembourg are also part of the offer.

"The agreement reached today is an opportunity for a successful new beginning for ADLER and we are happy for our great employees and our customers who have remained loyal to us even in very difficult times. We are also encouraged by the strong demand we have seen since reopening our stores after the lockdown," added Thomas Freude, the company's CEO.

In consideration of the present offer it stipulates, among other things, a capital cut in form of a reduction of the share capital of Adler Modemärkte AG to zero and a subsequent injection of new equity in the form of a capital increase by Zeitfracht, which will thus become Adler's sole shareholder. When the capital reduction becomes effective, the company's shares will be delisted at the same time. As the insolvency plan is still under review, no further details such as the future strategy and organisation of the company as well as the effects on individual locations can be given until the opening of the insolvency proceedings.

Christian Gerloff, Chief Representative of Adler Modemärkte AG, adds: "The agreement reached today is a good solution for ADLER. In these difficult times, we have succeeded in finding an investor who can provide positive prospects for the company's future. Our goal is to lead ADLER out of insolvency by the end of August - after only seven months."

High demand after reopening of ADLER shops
ADLER is experiencing high demand for its products following the reopening of all of the Company's more than 170 fashion shops. In recent weeks, the last of the 143 German stores were reopened in compliance with high hygiene and safety standards due to the sharp drop in incidence rates. The 29 foreign fashion shops in Austria (24), Luxembourg (3) and Switzerland (2) have been open for some time. ADLER is also experiencing continued high growth in its online shop

Adler Modemärkte AG press enquiries and investor relations:
Peter Dietz                                                                               
Media und Investor Relations                                                   
Tel.: 069 - 97 12 47-33                                                             

Jasmin Dentz
Media und Investor Relations
Tel.: 069 - 97 12 47-31


About Adler Modemärkte AG:
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany, is one of Germany's largest and most important textile retailers. In 2019, the Group generated revenue of €495.4 million and EBITDA of €70.3 million. As at 31 March 2021, ADLER employed a workforce of around 3,160 and currently operates 172 stores, 143 of which are located in Germany, 24 in Austria, three in Luxembourg, two in Switzerland, plus an online shop. The Company focuses on large-space concepts offering in excess of 1,400 m2 of retail space. With its many own brands and select external brands, ADLER offers a highly diverse product range. Thanks to more than 70 years of tradition and strong customer loyalty, ADLER considers itself to be the market leader within its target group of affluent customers aged 50 and over.

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22.06.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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