German denim brand Closed filed for insolvency proceedings with the Hamburg District Court on Tuesday.
Currently owned by Til Nadler, Gordon Giers and Hans Redlefse, the heritage brand is being advised by SJPP under the leadership of attorney Dr. Christian Mikolajczak. Attorney Stefan Denkhaus of the multidisciplinary law firm BRL has been appointed as provisional insolvency administrator for the Closed Group companies.
Pre-financing of insolvency benefits for employees has already been initiated, securing a key foundation for the seamless continuation of business operations. In the next step, suppliers and other business partners will be integrated into the process.
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Denkhaus said initial promising talks with potential investors have begun. “Closed is a great brand—I am confident we will find an investor and preserve Closed as a Hamburg-based company,” he added.
Headquartered in Hamburg since the ’90s, Closed has approximately 450 employees. The brand generates 120 million euros in annual revenue.
BRL reports that 40 percent of revenue comes from wholesale with around 1,000 retail partners worldwide. Approximately 25 percent of revenue comes from Closed’s online business and around 35 percent from retail business with 27 full-price stores primarily located in Germany and in other parts of Europe. Closed also has six outlets and nine franchise stores in Europe.
Known for pioneering stonewashing and unique designs like angled X-pockets, Closed was founded by French designers Marithé and François Girbaud in 1978. The brand has exchanged business hands several times and undergone new creative direction over the years.
Sustainability and European production are key pillars for the brand. Almost 90 percent of Closed’s products are made in Europe. The brand is also scaling its Better Blue line of sustainable denim. In 2024, more than 73 percent of Closed denim products were made with sustainable materials, environmentally friendly dyeing techniques, and gentle washing methods.
