Italian-inspired premium denim label Closed has filed for insolvency and placed a corresponding application with the Hamburg district court in Germany. Despite its financial difficulties, business operations are to continue unchanged.

Hamburg-based lawyer Stefan Denkhaus from the law firm BRL has been appointed provisional insolvency administrator. The pre-financing of insolvency benefits for the approximately 400 employees has already been initiated to ensure continuous salary payments and thus the stability of the operating business.

Closed cites excessive debt and the associated financing costs as the reason for the insolvency. There had been speculation about the label's financial situation for some time. Both its own e-commerce and its retail business with 26 German stores an

See Full Page