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Ten years after its first bankruptcy filing, German retailer Weltbild is facing insolvency once again. The e-commerce holding company WB D2C Group, which includes Weltbild GmbH & Co. KG, has filed for bankruptcy at the Augsburg District Court.
The bankruptcy filing is a significant development for Weltbild, which has undergone a significant transformation in the past decade. The company has shifted from being a major bookseller with numerous physical stores to a general merchandise retailer with a focus on e-commerce.
The company's financial difficulties have been attributed to a combination of factors, including the impact of global crises such as those in Ukraine and Israel, which have caused supply chain disruptions and increased costs. Additionally, the company has faced growing competition from "aggressive" suppliers from Asia.
Despite the bankruptcy filing, Weltbild has assured customers that business will continue as usual and that there will be no immediate changes to their shopping experience.
The future of Weltbild's remaining physical stores in Germany is uncertain, as is the fate of its catalog business. However, the WB D2C Group has stated that the insolvency of the German subsidiary is not expected to affect other parts of the group, which recently achieved annual sales of €600 million. The company's diverse portfolio of brands and investments, including gardener Pötschke, health supplies company Orbisana, jewelry company Paul Valentine, and DIY supplier Westfalia, account for 80% of its annual turnover and employ over 2,000 people.
