BERLIN — Bread & Butter GmbH has filed for insolvency, but plans to be back in action with a new concept already next month.
As reported last week, the jeans and urbanwear fair canceled its upcoming January 2015 edition at Berlin’s Tempelhof airport. Founder and chef Karl-Heinz Müller said “he had no choice” but to file for insolvency, given Bread & Butter’s legal liabilities.
The fair’s lease at Tempelhof airport runs through 2019 and involves annual rent of 1.9 million euros, or $2.4 million at current exchange rates.
Under the insolvency, the company is to be restructured. Meanwhile, the two 14 oz. stores, as well as the 14 oz. Web shop, which also belong to Bread & Butter GmbH, will remain in operation.
Müller also confirmed industry reports that Bread & Butter has a new concept in the works for January 2015. For “Bread & Butter – Back to the Street,” Müller has called upon “all those who want to chance taking the next step with us and can still react on short notice.” He didn’t divulge further details, but word has it the event could be held in the neighborhood of Müller’s 14 oz. specialty store in Berlin’s Hackesche Markt area.
Lawyer Christian Graf Brockdorff was appointed preliminary insolvency administrator immediately following the insolvency filing at Berlin’s Charlottenburg district court on Tuesday.
He said he’d found “a highly motivated team at B&B with the clearly expressed will to continue the company’s activities.” Therefore, Brockdorff and his team would provide support in order to insure the restructuring and continuation of the company’s operations, he said, stressing that includes “the implementation of events in January 2015.”