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After the Rescue in 2024

Shoe Retailer Onygo Files for Bankruptcy Again

Onygo
Finally, you can shop at Onygo again, but ... Photo: Getty Images
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June 4, 2025, 10:30 am | Read time: 4 minutes

Many might not have been aware, but the clothing brand Onygo was part of Deichmann SE. As revealed in fall 2023, the Deichmann Group decided to discontinue Onygo and close its online store due to declining profitability. In March 2024, Onygo was saved when the former Görtz CEO took over the brand. Now, another bankruptcy!

Most people are likely familiar with the shoe chain Deichmann. With around 1,400 stores across Germany, the retailer is present in many large and medium-sized shopping streets, providing affordable shoes for the whole family. Deichmann SE also includes subsidiary brands such as Snipes and MyShoes–and until a few years ago, Onygo as well.

However, due to declining profitability, the decision was made in 2023 to close Onygo’s stores and online shop.

Former Görtz CEO Takes Over Onygo

In March 2024, there was a turn of events for Onygo. Frank Revermann, the former CEO of the shoe retailer Görtz, took over Onygo and rebranded Onygo SE as Onygo Retail GmbH. Nineteen of the 28 Onygo stores were acquired, but the online shop remained closed.

In response to a STYLEBOOK inquiry, a statement from the former parent company Deichmann SE said: “We are very pleased with this development. It offers promising prospects for the employees at the respective locations. We did not make the decision to discontinue the Onygo concept lightly. Aware of our responsibility to the employees, we explored all options to best avoid shop closures. That we succeeded in doing so for over two-thirds of the stores together with Onygo Retail GmbH is good news for the employees.”

Onygo Faces Insolvency Again

The rescue attempt seems to have failed. It has now been revealed that the shoe chain Onygo filed for self-administered insolvency proceedings at the Hamburg District Court. As CEO Frank Revermann told the “Hamburger Abendblatt,” a total of 23 stores across Germany are affected by the financial difficulties.

The company currently employs around 150 people, and what lies ahead for them will become clear in the coming weeks.

Onygo Was Once Part of Deichmann

Founded in 2016, Onygo quickly expanded, and in recent years, numerous stores opened in larger cities (28 stores with around 280 employees). Onygo saw itself as a young Deichmann offshoot with a business model aimed at a “young, fashionable customer,” according to a press release.

In response to a STYLEBOOK inquiry in fall 2023, Deichmann SE stated: “The competitive environment here is dominated by very strong and international chains.” Despite “years of investments, even during and after the COVID-19 pandemic,” the company had to admit that this “business model is unfortunately not economically sustainable in the long term.” It was decided by the end of August 2023 that Onygo’s operations would be discontinued “by no later than August 31, 2024.” This affects both the stores and the associated online shop.

Also of interest: After insolvency! Luxury brand Strenesse will celebrate its comeback in 2024 

Reasons for Onygo’s Closure

In recent months, there have been numerous insolvencies in the fashion sector, and the reasons were often similar. According to its own statements, Deichmann SE is also affected. “The entire retail sector is–as you are well aware–undergoing major structural changes, which have been exacerbated by the impacts of the COVID-19 pandemic, the Ukraine war, and increasing inflation. Particularly in the fashion retail sector, the situation remains tense worldwide and is marked by crises,” the statement reads.

And further: “In the interest of our entire workforce, it is our entrepreneurial duty to discontinue unprofitable business models if necessary, in order to focus our capital on economically viable business areas.”

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280 Employees Are Affected

Around 280 employees were affected by the events of 2023. “Unfortunately, job cuts cannot be avoided in this case,” the statement continues. “We are aware of our social responsibility and are firmly convinced that we have found a fair, socially acceptable solution for all employees even in this difficult situation. So-called ‘voluntary programs’ take the concerns of the workforce into account as best as possible–including potential severance payments and possible special arrangements.”

In December 2023, the online shop then closed, and the stores were to “close individually by no later than August 31, 2024,” as stated on Instagram.

This article is a machine translation of the original German version of STYLEBOOK and has been reviewed for accuracy and quality by a native speaker. For feedback, please contact us at info@stylebook.de.

Topics #amex #PeterHahn Insolvenz
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