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Nexia Ebner Stolz

The Firm

Sternenbäck Group rescued with support from Ebner Stolz

  • 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.)

Press con­tact

Dr. Ulrike Höreth
Ebner Stolz
Kro­­nen­­straße 30
70174 Stut­t­­gart
Tel.  +49 711 2049-1371
ulrike.hoe­­re­th@e­b­­ner­­stolz.de

Cor­po­rate con­tact

Jan Hen­drik Groß
Ebner Stolz
Hol­z­­markt 1
50676 Köln
Tel. +49 221 20643-615
jan.gros­s@e­b­­ner­­stolz.de

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.

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