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. Thereforethe 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.


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