For the fourth time in its history, the fashion retailer Sinn has declared bankruptcy. This marks the second time in four years the company has faced insolvency.
The fashion chain Sinn, which operates 41 stores including one in Aachen, has filed for self-administered insolvency. This information was released by the Hagen district court. Despite the filing, the company’s operations will continue in all German stores, with initial financing secured, according to a company spokesperson to the Deutsche Presse-Agentur.
Sinn previously declared bankruptcy in 2020, seeking protection during the COVID-19 pandemic which led to significant revenue losses due to store closures. The company, formerly known as SinnLeffers, also faced insolvency in 2008 and 2016. SinnLeffers was created through a merger of the fashion houses Sinn and Leffers and was part of the Karstadt Quelle group from 2001 to 2005.
Sinn operates stores in 36 cities, mainly in North Rhine-Westphalia, with an annual turnover of €240 million, according to the Deutsche Presse-Agentur.
Reasons behind the latest bankruptcy
The company cites “changed economic conditions” as the reason for the latest insolvency, specifically mentioning decreased sales combined with increased costs for rent, energy, and logistics. In September 2022, Johannes Liebens, the former long-time head of the Aachen store, noted to the Aachener Zeitung that the Aachen location was one of the top-performing branches and praised its position on Großkölnstraße. The current store manager, Gabriele Wiehe, has not yet commented on the recent bankruptcy filing.
