Only the approval of the competition guardians is still pending. Nothing was disclosed about the exact purchase price – but the sum was enough to serve all creditors.
The sale to delta galil – also a producer of textiles such as underpants, lingerie and functional underwear – marks the end of plans for an initial public offering by schiesser, which the traditional company founded in 1875 had postponed several times. Actually, the radolfzellers wanted to have ventured onto the parquet by the summer in order to collect fresh money. "We plan to have served all creditors in august," schiesser’s chief executive and former insolvency administrator, volker grub, told the dpa news agency. By then, the antitrust authorities should have given the go-ahead and the handover should have taken place, which, according to the contract, is to take place on 1 january 2009. July pending.
Schiesser went bankrupt at the beginning of 2009. The main reason was unprofitable license agreements for third-party brands such as tommy hilfiger and puma. Still in 2009, schiesser returned to profitability and heralded the end of unprofitable outsourced production. At the end of 2010, the debt mountain had stood at 67 million euros. According to grub, delta galil was already involved in the search for investors at that time. "But then it had not yet fit."The current buyer has been interested all along and has closely followed the turnaround at schiesser. "They were really hot for it afterwards," said grub.