Aptus, the owner of roughly 100 Yourfone shops, has filed for insolvency protection as part of its restructuring efforts, reported Telecom-Handel.de. A district court in Germany accepted the company's application for protection proceedings on 30 May, meaning Aptus can work out its insolvency plans under its own administration, it added. Aptus justified the proceedings by claiming that negotiations with landlords over market-compatible prices for retail space had largely broken down.
The aim of the company's application is to ensure “the vast majority” of these stores remain under its control while completing its restructuring this year, added Telecom-Handel. A spokesperson from Aptus said the company took over Yourfone as a bankruptcy case and has already successfully introduced restructuring measures over the past few months.
Aptus, a new retailer established by former Telefonica manager Rene Schuster, assumed ownership of the Yourfone shops from Drillisch on 01 January. Drillisch is unaffected by the insolvency protection proceedings, wrote Telecom-Handel.
