2017-01-27: CHARLES VÖGELE NETHERLANDS ANNOUNCES BANKRUPTCY

PRESS RELEASE CHARLES VÖGELE NETHERLANDS ANNOUNCES BANKRUPTCY

Pfäffikon SZ, 27 January 2017 - The Directors of Charles Vögele Netherlands today filed for the company's bankruptcy at the District Court in Amsterdam. The District Court approved the application on the same day and appointed Johan Westerhof and Hans Hendriks as official receivers. They will manage the operational business until the bankruptcy proceedings are completed.

Sempione Retail AG, the major shareholder of Charles Vögele Holding AG since 16 December 2016, announced when it made the public tender offer in September 2016 that it would be concentrating on the strategic markets of Switzerland, Austria, Hungary and Slovenia once the offer had gone through. For this reason the Company has been evaluating different options over the last few months to find a way to ensure the continuity of the Dutch organisation. A feasible solution could not be found. Therefore the Directors of Charles Vögele Netherlands B.V. decided to file for bankruptcy.

Charles Vögele expanded into the Dutch market in 1999; it currently has 95 stores and around 700 employees in the country.

Disclaimer

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All statements in this press release that do not relate to historical facts are statements concerning the future that in no way offer a guarantee of future performance; they incorporate risks and uncertainties including, but not limited to, future global economic conditions, exchange rates, legal requirements, market conditions, activities of competitors and other factors that are outside the company's control.

Medienkontakt

Nicole Borel-Schöwel, Corporate Communications Officer Gwattstrasse 15, 8808 Pfäffikon SZ

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