DGAP-News: Adler Modemärkte AG: ADLER acquires all 18 Wehmeyer stores
(firmenpresse) - DGAP-News: Adler Modemärkte AG / Key word(s): Acquisition
Adler Modemärkte AG: ADLER acquires all 18 Wehmeyer stores
26.09.2011 / 17:07
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PRESS RELEASE
from Adler Modemärkte AG
ADLER acquires all 18 Wehmeyer stores
Haibach, Germany, September 26, 2011 - The leading textile retailer for
customers over 45, Adler Modemärkte AG (WKN A1H8MU, ISIN DE000A1H8MU2),
acquires all 18 stores of Wehmeyer Lifestyle GmbH, Düsseldorf, as well as
all associated assets. The Company puts the purchase price for the fixed
and current assets acquired at approximately EUR 2.2 million. Wehmeyer
generated approximately EUR 40 million in revenue for 2010 overall. The
transaction will enter into effect on September 30, 2011. The acquisition
will be financed with the proceeds of approx. EUR 23 million net from the
successful IPO launched in June 2011. Despite the difficult situation on
the stock market, ADLER was well placed on the capital market.
The acquisition is of major significance to ADLER from both a strategic and
financial perspective. Lothar Schäfer, CEO of Adler Modemärkte AG,
comments: 'This acquisition underscores our growth strategy of expanding
our own retail activities in our promising home market, Germany.
Strategically speaking, the stores, the brand and the strategy are an ideal
fit for us.' At the time of its IPO on 22 June 2011, ADLER had announced
its intention to expand to 20 new locations before the end of this year
through new store openings and acquisitions. With the acquisition of 18
stores from Wehmeyer, ADLER is ahead of its growth targets and will grow by
over 30 stores this year. ADLER generated more than EUR 444 million in
revenue in 2010, and reached earnings before interest and taxes (EBIT) of
EUR 24 million in 2010.
'The acquisition will enable us to save on the costs of tapping into new
markets and new employee training, while reaching the break-even point per
store far sooner than planned', added Thomas Wanke, Executive Board member
responsible for marketing and sales. Wanke would like to have all Wehmeyer
stores carrying ADLER fashions within a week, so as to leverage the holiday
season business to its full extent. Moreover, he stated that Wehmeyer's
high-quality inventory could be put to good use. Wehmeyer's excellent
position with the younger end of the range of customers 45 and over
dovetails perfectly with ADLER's strategy of focussing on 'best-agers'. The
new stores will be integrated into ADLER's flexible store concept as
rapidly as possible. A very large proportion of the acquired operating
assets can be used in their present condition. For the time being, the
Wehmeyer brand will continue to exist at individual stores. The external
brand concept of Wehmeyer can be transferred to the 140 ADLER store
network. It's the target of ADLER to expand the external brand share to
increase the attractiveness for the customer target group above 45 years.
In addition, ADLER has undertaken to retain the entire staff of
approximately 280 employees working in the Wehmeyer stores. On September
22, 2011 the Düsseldorf Local Court instituted insolvency proceedings
against Wehmeyer's assets. The insolvency administrator, Dr. Wolf-R. von
der Fecht, Düsseldorf, praised the successful transaction.
About Adler Modemärkte AG:
As one of the leading textile retailers in Germany, Austria and Luxembourg,
and with more than 60 years of tradition and a high level of customer
loyalty, ADLER is, in its own estimation, the market leader among textile
retailers for customers over 45 in Germany in the value price segment.
ADLER offers a both broad and extensive range of womenswear, menswear and
lingerie. With a supplementary range consisting of accessories, footwear,
kidswear and babywear, traditional dress, sportswear and hardware products,
ADLER aims to round off its product portfolio and to exploit existing
cross-selling potential in its stores. ADLER is currently focusing on
large-space retail concepts, i.e., the space occupied by the stores it
operates is usually more than 1000 m².
ADLER his currently implementing a variable, modular retail space concept
and can therefore react flexibly to the offering of store spaces and occupy
location-specific market niches. ADLER's product portfolio consists mainly
of own brands, the collections for which are designed and compiled to a
large extent by ADLER itself, and then produced by external manufacturers.
This will be complemented by a select offering of external brands aimed at
winning over target groups aged below 45 for ADLER. The products are
distributed via a broad network of more than 140 stores in Germany, Austria
and Luxembourg, as well as an online store. In the 2010 financial year, the
company had over 4,100 employees, on average.
About Wehmeyer Lifestyle GmbH
For over 60 years, Wehmeyer has been a 'friendly clothing retailer',
selling top-quality fashions at attractive prices to its target group of
women and men aged 45 and up. Wehmeyer's longstanding and well-known brand
partners present their product lines in exclusive brand shops. Wehmeyer
Lifestyle GmbH has had its head offices in Düsseldorf since March 2011. The
company employs roughly 280 people in 18 stores operating under the
Wehmeyer brand name in Aachen, Düren, Göttingen, Koblenz, Siegburg, Marl,
Hürth, Jülich, Porta Westfalica, Grevenbroich, Mülheim-Kärlich, Alsdorf,
Nordhorn, Worms, Hagen, Borken, Geldern and Hückelhoven (in North
Rhine-Westphalia, Rhineland-Palatinate and Lower Saxony).
Contact ADLER Modemärkte AG:
Investor relations, business and financial media:
Dr. Markus A. Launer
Transatlantic Investor Relations
Investor Relations&Corporate Communications
Tel.: +49 6021 633-1828
E-mail: investorrelations(at)adler.de
Fashion and trade media:
Johanna Krips
Public Relations, Media&Customer Service
Tel.: +49 (0)6021 633-1504
Email: pressestelle(at)adler.de
End of Corporate News
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26.09.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Adler Modemärkte AG
Industriestraße Ost 1-7
63808 Haibach
Germany
Phone: +49 (0) 6021 633 0
Fax: +49 (0) 6021 633 1299
E-mail: info(at)adler.de
Internet: www.adlermode.com
ISIN: DE000A1H8MU2
WKN: A1H8MU
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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140385 26.09.2011
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Datum: 26.09.2011 - 17:07 Uhr
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