The German hard discount food retailer Lemmi has filed for bankruptcy.
According to West German Allgemeine Zeitung (WAZ), Lemmi were declared financially insolvent by a court in Dortmund yesterday.
"First of all stores will remain open," a company representative told WAZ. "We are currently examining whether and how the business can be continued."
Lemmi say that they are now left with two options in order to try and save the company; they must either begin a huge structural reorganization of their business internally, or look for an investor who would be willing to do so.
Approximately 160 employees in 24 branches are affected by the bankruptcy. All of Lemmi's operations are located in the North Rhine-Westphalia are of Germany, and it is owned by Kruse Retail.
The brand opened its first store in 2003 in Hamm, and provided customers with sensational bargains through a policy of selling goods from overproduction areas, or items nearing the end of their use-by date.
Law firm Schulte-Kaubruggen is handling the case.
© 2014 - European Supermarket Magazine by Enda Dowling
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