Shoe giant Reno is bankrupt and the worst is yet to come for retailers
Declining sales and rising costs are forcing Germany’s second largest shoe retail chain to give up. The Swiss sister company is not affected by the insolvency.
It was a downfall with an announcement: half a year after the German shoe retail chain Reno was saved from bankruptcy by a takeover, it is now insolvent after all. On Tuesday, the district court in Hamelin, Lower Saxony, ordered a corresponding procedure. Reno, the second largest German shoe discounter after Deichmann, operates almost 300 branches in Germany, Switzerland and Austria; the number of employees is around 1100. However, the application for insolvency only affects the 180 German branches and not the sister companies in Switzerland and Austria.