Gerry Weber loses half of the share capital in FY21

For the fiscal year 2021, Gerry Weber International AG recorded a loss of 5,078 million euros, which the company said constitutes loss of half of the registered share capital.

The company informed the capital market about this and said that the group's operating business is not affected by this. The company added that due to the interim state aid III of 29.1 million euros, Gerry Weber has stable liquidity.

The loss is primarily caused by the assumption of the loss of 29,393 million euros of Gerry Weber Retail GmbH. The high losses sustained by Gerry Weber Retail are attributable not only to the closure of retail stores due to the Covid-19 pandemic, but also to provisions for impending losses for individual stores in an amount of 10,174 million euros and to a negative effect of the merger of TB Fashion with Gerry Weber Retail in an amount of negative 6,397 million euros.

The company continues to expect that the preliminary figures at group level will remain unchanged in the audited consolidated accounts for fiscal year 2021.