Leipzig Local Court has granted the application of local online retailer BasicBrands GmbH to conduct self-administration proceedings. DiLigens partner and specialist lawyer for insolvency and reorganization law Marcello Di Stefano was appointed as provisional administrator. Business operations will continue without restrictions.

BasicBrands has been operating successfully for several years via major portals such as Amazon in the international online trade with textile basics, especially underwear and socks of well-known brands, and has achieved annual sales of up to nine million euros. An increasingly difficult market environment and the resulting foreseeable financial distortions have prompted the management to initiate a sustainable restructuring of the company at an early stage. The experts from Uppenbrink & Collegen, under the leadership of Steffen Körner, are assisting the company as restructuring advisors.

"Reorganization in self-administration offers an excellent toolbox for companies that need to reposition themselves or adapt to changing market conditions. In the case of BasicBrands, I am very optimistic that this will succeed," says Marcello Di Stefano.

You can find more details on the self-administration procedure here.