Gleiss Lutz advises Takko Fashion on restructuring and refinancing
A Gleiss Lutz team has advised Takko Fashion GmbH and its subsidiaries ("Takko") as part of Takko's restructuring and refinancing. Takko is one of the leading smart fashion discounters in Europe.
Takko has succeeded in acquiring new financing totalling EUR 53.5 million from existing investors on the market, including funds advised by Apax Partners. The additional liquidity will be used to cover temporary financing needs caused by the coronavirus crisis and lockdown. This will secure the future of the company and its staff.
Takko was founded in 1982. With over 1,900 branches in seventeen countries and almost 18,000 employees in total, it is one of the most successful discounters in Europe. As a smart discounter, the company offers clothing for every day of the week, in both online and high street retailing. Before the coronavirus crisis, Takko had had its most successful business year for ten years in 2019.
Since the coronavirus crisis started, Gleiss Lutz has been advising Takko on the restructuring that has become necessary and on financing issues. The Gleiss Lutz team assisting Takko comprised the following lawyers: Dr. Andreas Spahlinger (partner, lead), Friedrich Schlott, Dr. Florian Kienast (all Restructuring, Stuttgart), Dr. Kai Birke (partner), Frank Schlobach (partner), Patrick Reuter, Jana Pinto Escaleira (all Finance), Dr. Stefan Mayer (partner, all Frankfurt), Dr. Johann Wagner (partner), Dr. Hendrik Marchal (counsel, all Tax).
In-house: Dr. Dino Sikora