Closed is in the clear.
After filing bankruptcy proceedings in August, the German denim brand’s two-month investor process has come to an end. Fashion executives Dieter Holzer and the Böck family—sole shareholder of contemporary lifestyle label Marc O’Polo—are the new owners of Closed.
“The investor consortium of the Böck and Holzer entrepreneurial families has presented a convincing offer and business concept,” said Stefan Denkhaus, the insolvency administrator. “We have found strong strategic partners for Closed, which will also have a positive impact on creditor satisfaction.”
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Contracts have been notarized and all agreed conditions, including the German Federal Cartel Office’s stamp of approval, should wrap before November. The purchase price remains confidential, per Closed.
The new joint venture sees the Böck family holding 74.9 percent of the acquiring company—operating under “Closed NewCo GmbH” as a new entity—with Holzer holding 25.1 percent. In addition to his role as co-owner, Closed appointed Holzer as CEO of the Hamburg-based premium label. Chief product officer Gordon Giers and chief sales officer Til Nadler will stay on the management team.
The new entity’s current imprint names Giers and Nadler as managing directors—as is restructuring expert Lothar Hiese, who will continue supporting Closed in an interim capacity until a new chief financial officer takes over. Hiese has served as acting managing director since March, following long-time leader Hans Redlefsen’s departure after 27 years as CFO and financial managing director.
“We are excited to enter the next phase of Closed’s development alongside such experienced entrepreneurs and management partners—providing stability and positive momentum for the entire team,” Giers and Nadler said in a joint statement shared with SJ Denim.
“Closed is an original! Since 1978, this wonderful brand has stood for authenticity, craftsmanship, innovation, premium quality and sustainability—and it continues to inspire customers around the world,” said Werner Böck, associated with the Stockholm-founded brand since inception. “We share that same passion.”
While Werner Böck started out as a Marc O’Polo distributor for Germany, he ultimately played a “decisive role” in the Scandi brand’s growth, eventually becoming the majority shareholder in 1997. His son, Maximilian Böck, has been “ushering in the next-generation” at the helm of Marc O’Polo as CEO since 2021.
“We understand the fashion market and the dynamics of premium brands,” said Maximilian Böck. “We are delighted to engage in such a valuable entrepreneurial commitment and are confident that we can make a decisive contribution to ensuring a sustainable future for Closed.”
Headquartered in Hamburg since the 1990s, Closed had approximately 450 employees before the insolvency proceedings—which saw the brand’s most recent annual revenue at approximately 120 million euros (roughly $139.3 million). Moving forward, Closed will employ 330 people in Germany and, “as before, operate independently across wholesale, brand stores, online shops, outlets and franchise stores.”
However, the scale of Closed’s business is still being tallied as part of the purchase process. “As some lease agreements are still under negotiation, the future store network and the exact number of employees affected by terminations have not yet been finalized,” Denkhaus explained.
“Closed is an icon—an authentic brand that inspires desire among customers,” Holzer said. “We look forward to developing Closed further.”
