- 254-year-old traditional company defies corona loads
- 170 bakeries and three production sites of the traditional company secured - 1,400 jobs saved
- Creditors have overwhelmingly approved the insolvency plans developed by Ebner Stolz
Stuttgart, November 27, 2020 - The 254-year-old traditional company Sternenbäck recorded a consistently positive business development until the beginning of the corona pandemic in March 2020. However, due to the lock-down in spring, there was a dramatic drop in sales, which made it necessary to initiate a protective shielding procedure. With the support of a team of consultants from Ebner Stolz, this was converted into a self-administration procedure as planned on September 1, 2020. On November 25, 2020, the creditors overwhelmingly accepted the insolvency plans for the Sternenbäck Group. The company could thus be saved.
Up to the beginning of the Corona pandemic in March 2020, the company recorded consistently positive business development with its 215 bakery branches in six federal states and three bakery operations in Hechingen, Gera and Spremberg (Germany). Sales and earnings in 2019 and at the beginning of 2020 were well above expectations.
The curtailment of exit from the market and the closure of shopping centers and the food service sector from March 2020 onwards due to the corona pandemic led to a dramatic downturn in sales, which could not be offset by the traditional bakery business. With a view to the future, the protective shielding procedure was initiated on May 25, 2020, following the examination of alternative solutions with the support of a team of consultants from Ebner Stolz, and was transferred to a self-administration procedure as planned on September 1, 2020.
In the course of these proceedings, which were accompanied by the chief representative Jan Hendrik Groß (Ebner Stolz) and supervised by the trustee Prof. Dr. Martin Hörmann (anchor Rechtsanwälte), a team of advisors from Ebner Stolz developed a restructuring plan that was conclusive and future-oriented for the period after the Corona crisis. "Due to our restructuring measures we were able to achieve a serious reduction of the cost structure as well as a qualitative and sales reorientation of the entire Sternenbäck Group", Prof. Dr. Heiko Aurenz (Ebner Stolz) explains the restructuring measures taken. Despite the massive impact of the Corona pandemic, the approved restructuring plan has secured the continued existence of the traditional company with 1,400 employees in 170 bakery branches and the three production sites.
On November 25, 2020, the creditors overwhelmingly approved the insolvency plans for each of the four companies. As a result, the self-administration proceedings of the Sternenbäck Group (Bumüller GmbH & Co. Backbetriebe KG, Sternenbäck GmbH, Sternenbäck GmbH Gera and Sternenbäck GmbH Spremberg) can be rescinded by the Hechingen District Court in the near future.
"Thanks to the consistent implementation of the necessary measures and the support of banks, landlords, suppliers and customers, as well as the loyalty of its employees - even after the current lockdown - the Group is well and competitively positioned for the future. Above all, however, the fact that the crisis signals were recognized early on and remedial measures were taken was what ultimately saved the company," comments the Chief Representative Jan Groß on the positive outcome of the proceedings.
Team Ebner Stolz:
Jan Hendrik Groß (lawyer and partner, chief representative), Lutz Maschlanka (lawyer, tax consultant and senior associate), Carolin Jungclaus (lawyer and associate), Frederick Karnath (lawyer, tax consultant and senior manager), Konrad Herholz (senior consultant), Eva Naumer (lawyer and senior associate), Dr. Hannah Krings (Attorney at Law, Specialist in Labor Law and Counsel), Sabrina Giersberg (Attorney at Law and Associate, both Labor Law), Dr. Hanno Rädlein (Attorney at Law and Counsel)
Team Ebner Stolz Management Consultants:
Prof. Dr. Heiko Aurenz (graduate economist and partner), Christoph Lang (management consultant and principal), Christoph Sohn (manager), Justin Becker (consultant), Dr. Stefan Onken (consultant), Maximilian Lachnit (manager), Michael Euchner (graduate lawyer and partner) and Julia Jaumann (manager, both M&A)
Team anchor Attorneys at Law (administration):
Prof. Dr. Martin Hörmann (Attorney and Partner, Administrator), Nadine Mayer (Business Lawyer, LL.M.)
About Ebner Stolz
Ebner Stolz is one of the largest independent medium-sized auditing and consulting companies in Germany and is one of the top ten in the industry. The company has decades of sound experience in auditing, tax consultancy, legal advice and management consultancy. This broad spectrum is serviced by more than 1,700 employees with their multidisciplinary approach in all major German cities and economic centres. As a market leader in the SME sector, the company mainly serves medium-sized industrial, trade and service companies belonging to all sectors and sizes.
Ebner Stolz carries out international audit and consulting assignments together with partners of Nexia International, one of the ten largest networks of auditing and consulting companies worldwide. Through Nexia, Ebner Stolz is represented in over 120 countries with more than 720 offices.