Several Potential Investors Interested in Gellertstadt Bakery

The PLUTA Rechtsanwalts GmbH restructuring expert, Stefan Kahnt, is currently in the process of finding an investor for the bakery Gellertstadt Bäckerei GmbH. He has already received initial offers from several potential investors. 

Negotiations will take place in the next few days or weeks to ensure that a long-term solution for the traditional bakery will be found in the near future. Following the decision taken on August 1, 2016, the Local Court of Chemnitz opened insolvency proceedings according to plan and appointed Kahnt as the insolvency administrator for Gellertstadt Bakery.

Kahnt is continuing business operations while simultaneously implementing the necessary restructuring measures. This has involved closing seven of the 28 branches in total, with effect from August 1, 2016, since it was not economically possible to continue their operation. The branches affected by these measures are those in Bannewitz, Cottbus, Gera, Glashütte, Lauchhammer, Magdala and Schwarzheide. A total of 13 employees had to be made redundant.

In the remaining 21 branches, based in Saxony and Thuringia, it has been possible to continue the full scope of business operations. Customers can continue shopping at these stores and can count on obtaining bakery products of a proven high quality. At present, the Hainichen-based bakery has a workforce of 95 employees. Some of the original 130 employees decided to leave the company at their own request, while some time-limited employment contracts expired.

The PLUTA attorney Kahnt notes that “reducing the number of branches is a difficult but necessary step in the restructuring process. Business operations are continuing at 21 branches. Now the task is to find a buyer for the bakery.

Currently we are holding promising talks with several investors.” The insolvency administrator aims to provide the traditional bakery and its employees good prospects of a successful future.