Adler fashion stores

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Coordinates: 49 ° 57 ′ 50.8 ″  N , 9 ° 11 ′ 30.1 ″  E

Adler Modemärkte AG

logo
legal form Corporation
ISIN DE000A1H8MU2
founding 1948
Seat Haibach , GermanyGermanyGermany 
management Thomas Freude,
Chairman
Karsten Odemann,
CFO
Carmine Petraglia,
CCO
Wolfgang Burgard
Chairman of the Supervisory Board
Number of employees 3,612
sales 495 million euros (2019)
Branch Wholesale , retail
Website www.adlermode-unternehmen.com
As of December 31, 2018

Opening of a new fashion store in Solingen, 2015

The Adler fashion stores AG , headquartered in Haibach in Aschaffenburg is a publicly traded textile - retail chain with 172 stores in Germany (142 shops), Austria, Luxembourg and Switzerland. Adler filed for bankruptcy in January 2021 .

history

Founding and first years as an independent company

The company was founded in 1948 by Wolfgang Adler as a small clothing company in Annaberg in Saxony . The first collection consisted entirely of coats and was sewn by the family in an attic. Wolfgang Adler himself traveled through the country in so-called sales buses and sold his goods. The company moved from the GDR to Engen near Konstanz in 1959 . Here Wolfgang Adler founded Adler Mäntel KG , which in 1966 achieved a turnover of one million DM. In 1967 the company moved to Haibach near Aschaffenburg. At that time the goods were distributed by truck to the dealers who sold them on commission . The first fashion store was opened in Haibach in 1970; further locations in Neckartenzlingen near Stuttgart and Eching near Munich followed.

Sale and integration at Metro

In 1982 Wolfgang Adler sold his company to Asko Deutsche Kaufhaus AG and withdrew from the business. The company continued to grow under new management. Soon further branches were opened in Austria, Luxembourg and, after the fall of the Berlin Wall in 1989, also in the new federal states .

In 1987, several arson attacks were carried out on administration buildings and branches of the Adler fashion stores by the terrorist group Rote Zora , which wanted to support the bloodily suppressed strike for better working conditions at the Adler subsidiary Flair Fashion in South Korea. The damage to property was estimated at 30 million DM.

Until the 1990s, the company had a sales branch at Frankfurt Airport that was also open on Sundays. In 1995 the Motex company was integrated into the company as a subsidiary. In 1996 ASKO was affiliated with Metro AG . At that time, the Adler fashion chain had 55 locations. In 1998, Metro spun off the Adler company, along with 200 other subsidiaries, from the Metro Group and brought them into a joint venture with the Deutsche Bank , Divaco , in order to find a buyer for them. By the end of the 1990s, the number of locations had risen to 113. In 2000, Adler enlarged its logistics center for its subsidiary Motex to a total area of ​​155,000 m². This made the company one of the largest and most important in Europe for logistics and clothing industry.

Sale to financial investors

In January 2004, Metro parted with its shares in Divaco and in the course of this replacement acquired Adler Modemärkte GmbH for 60 million euros as well as the assumption of bank liabilities in the amount of 280 million euros. Metro parted ways with Adler in February 2009 and sold Adler to the financial investor BluO . After the conversion of the company into a stock corporation in March 2011, the IPO on the Frankfurt Stock Exchange took place in June 2011.

In March 2013, the Steilmann Group announced that it wanted to take over a majority in Adler Modemärkte; a voluntary takeover offer was made and at the same time a purchase agreement was agreed with the main shareholder, the Luxembourg-based BluO , for around 46.96 percent of the shares. After the offer, Steilmann held 52.8% of the capital; the free float was around 41%. In March 2016, the major shareholder Steilmann declared himself insolvent and filed for insolvency at the Dortmund District Court on the following day. On the following day, Adler Modemärkte announced that it would not be affected in any way by the bankruptcy. There is neither a domination and profit transfer agreement nor does Steilmann have any liabilities to Adler and vice versa. Adler is also hardly dependent on Steilmann when it comes to purchasing.

Expansion and acquisition of further fashion chains

In March 2010, the company started its own online shop as an additional sales channel in addition to the stationary trade, which brought the range of the fashion chain to the Internet mail order business. In 2015, the range was expanded to include an online shop for plus sizes. To further expand and consolidate its market position, Adler Modemärkte acquired the 18 branches of Wehmeyer GmbH & Co. KG (285 employees) in September 2011 .

In 2015 the company expanded further and took over the shares in the Kressner textile chain from Rewe and the Sanktjohanser family. This led to a further expansion of the branch network by eight stores. In the course of the acquisition, Adler was able to expand its own customer card program, which around 90% of all Adler buyers use, by 100,000 Kressner customers. In addition, Adler acquired two fashion stores in Mömlingen and Lollar from hefa Moden in 2015 as part of an asset deal. At the end of 2018, the group of companies operated a total of 178 Adler fashion stores, 150 of them in Germany, 23 in Austria, 3 in Luxembourg and 2 in Switzerland.

As of December 31, 2019, 52.81% of Adler shares were held by S&E-Kapital, a joint holding of the Steilmann Group, which has been insolvent since 2016, and a financial investor. 5.12% are held by Wolfgang Stolz and 5.03% by Gerhard Wöhrl; 32% of the shares are in free float. During 2020, there were reports that S&E was about to sell its stake.

On January 10, 2021, the company filed for bankruptcy in Germany under self-administration. The subsidiaries in Austria, Switzerland and Luxembourg are not affected. According to the company, the loss of sales due to the lockdown due to the COVID-19 pandemic was the cause.

Companies

Adler Modemärkte is one of the largest textile retail chains in Germany: With a turnover of € 566 million in 2015, Adler is one of the top 20 textile retailers with the highest turnover according to the 2015 Top 100 ranking by the industry magazine TextilWirtschaft and employs 4,203 people.

Adler positions itself in the lower middle price segment and focuses mainly on the target group of women and men over 45 years of age. Adler pursues a multi-brand strategy and focuses on large-area concepts between 1,400 and 3,500 m². As of March 23, 2016, the group operated 183 fashion stores, 156 of them in Germany, 22 in Austria, three in Luxembourg and two in Switzerland, as well as an online shop. The company has been listed on June 22, 2011; the share is traded on the regulated market and in the sub-area with additional post-admission obligations ( Prime Standard ).

Web links

Individual evidence

  1. ↑ Imprint. Retrieved May 2, 2021 .
  2. ↑ a b Annual Report 2019 (PDF)
  3. ↑ Rote Zora: “I will try to find work”. Spiegel Online from April 16, 2007.
  4. ↑ Notice of attack by the Rote Zora from June 1987, documented on Freilassung.de
  5. ↑ Terror group "Rote Zora": Surprising comeback. In: Frankfurter Allgemeine Zeitung of April 11, 2007.
  6. ↑ Metro sells fashion house chain Adler. Archived from the original on August 18, 2012 ; accessed on February 26, 2018 . , AFP , February 13, 2009.
  7. ^ Ad hoc announcement from Adler Mopdemärkte AG. (pdf; 35 kB) March 21, 2013, accessed on October 15, 2013 .
  8. ↑ Shareholder structure (on the company's investor relations website). June 16, 2013. Retrieved October 15, 2013 .
  9. ↑ Fashion company Steilmann - From the stock exchange to bankruptcy. Retrieved June 24, 2019 .
  10. ↑ http://www.adlermode-unternehmen.com/fileadmin/2016/IR/PM/240316/de/2016-03-24_PM-Steilmann_DE.pdf
  11. ↑ Textile trade: Adler Mode takes over Wehmeyer. Retrieved June 24, 2019 .
  12. ↑ Kressner: Adler Moden acquires textile chain from Rewe. Retrieved June 24, 2019 .
  13. ↑ Jana Tilz: Something else is going on here ...: Adler beats Hennes. In: Focus Online . June 18, 2014, accessed October 14, 2018 .
  14. ↑ Reinhold Koehler: Adler takes over Hefa Moden locations. March 5, 2015, accessed on June 24, 2019 (German).
  15. ↑ Annual Report 2019 , accessed on January 11, 2020
  16. ↑ deal-advisors.com: S&E Kapital GmbH resumes considerations on the sale of its majority stake in Adler Modemärkte AG , November 21, 2020, accessed on January 11, 2020
  17. ↑ Fashion chain Adler files for bankruptcy. In: nachrichten.at. January 10, 2021, accessed January 10, 2021 .
  18. ↑ Fashion chain Adler files for bankruptcy. In: nachrichten.at. January 10, 2021, accessed January 10, 2021 .
  19. ^ Süddeutsche Zeitung: Adler Modemärkte AG files for bankruptcy. Retrieved January 11, 2021 .
  20. ↑ The largest textile retailers in Germany in 2014 ( Memento from April 19, 2016 in the Internet Archive )
  21. ↑ http://www.adlermode-unternehmen.com/fileadmin/2016/IR/PM/23032016/de/20160323_ADLER_steuerfrei_Dividende_DE.pdf