Friday, March 5th, 2021
Buyer jumps off
Mister Minit goes out of business
The renovation concept was in place and a buyer wanted to continue the business of the Mister Minit service chain. But now he withdraws his willingness. Because Corona is putting massive pressure on the financial situation and government aid is impossible, the insolvency administrators only have one option.
The Mister Minit service chain has come to an end – business operations will be stopped immediately. Now the transaction will be checked, as the law firm Brinkmann & Partner announced. Previously, an interested party who had already been established as a buyer had surprisingly withdrawn his commitment and refused to execute the purchase agreement that had already been signed. "The factual situation created by the surprising withdrawal of the investor is irreversible," said trustee Gregor Bräuer. According to the law firm, the company's self-administration and the trustee are now examining legal steps.
At the end of April, Minit Service GmbH filed for insolvency at the Düsseldorf District Court. The insolvency proceedings under self-administration were opened on August 1st. According to the information, a redevelopment concept that was negotiated in the further course provided for, among other things, the closure of unprofitable shops and renegotiations with landlords. It was about the future of 116 shops with around 250 employees. The purchase agreement was signed at the beginning of November and provided for the takeover of the business by March 1 at the latest.
In view of the lockdown and the consequences for the financial situation of the company, the "interest of alternative investors on the zero point", it said now further. In addition, there is no government aid because of the ongoing insolvency proceedings. "Despite the restructuring measures that have been implemented, the lockdown now makes it unavoidable to cease business operations," said restructuring expert Christoph Enkler from the law firm Brinkmann & Partner. "We were on the right track with the restructuring plan," added Managing Director Michael Heina. "Unfortunately, the company's liquidity situation is now forcing us to cease operations."
The main focus of Mister Minit was on services – especially shoe repairs and key services. According to its own information, the company opened its first branch in Belgium in 1957. In the meantime, the company had almost 950 shops in Europe.