Böck Family and Dieter Holzer Rescue Closed Out of Insolvency
The premium fashion label Closed has been successfully acquired out of insolvency proceedings, marking a new chapter for the Hamburg-based company. The acquisition was spearheaded by the Böck family, owners of Marc O’Polo, in collaboration with Dieter Holzer, a Supervisory Board member at Marc O’Polo. As part of the acquisition, Holzer has been appointed the new CEO of Closed, taking immediate effect.
The new ownership structure sees the Böck family holding a significant 74.9% stake in the acquiring entity, named “CLOSED NewCo GmbH,” while Dieter Holzer owns the remaining 25.1%. This new company will maintain its headquarters in Hamburg. Crucially, Closed will retain its full independence across all business segments, including wholesale, retail, online operations, and outlets. The contracts have been notarized, and all parties anticipate fulfilling the agreed conditions during October, although the purchase price remains confidential.
Despite the change in ownership, key members of the existing management team will remain. Gordon Giers, Chief Product Officer, and Til Nadler, Chief Sales Officer, will continue to lead the company’s strategic direction. Lothar Hiese, who has served as interim managing director since March 25, 2025, will also continue his role at Closed until a new Chief Financial Officer is appointed. Dieter Holzer will continue to serve on the Marc O’Polo Supervisory Board, emphasizing the intent to operate Marc O’Polo and Closed as distinct entities while aiming to preserve as many of Closed’s current 27 stores as possible.
The acquisition successfully concluded an investor process initiated two months prior by Stefan Denkhaus, a partner at BRL law firm, who was appointed as the insolvency administrator by the Hamburg Local Court. The contracts are subject to review and approval by the Federal Cartel Office, with fulfillment expected by October 2025. This timeline ensures a thorough regulatory oversight of the transaction.
Looking ahead, the new leadership is optimistic about Closed’s future. Dieter Holzer stated that Closed operates profitably and presents significant growth opportunities, even within a challenging market environment. He anticipates these opportunities to materialize fully by the second year post-takeover. Werner Böck highlighted the brand’s enduring appeal, describing Closed as "an original" that has embodied credibility, craftsmanship, innovation, high quality, and sustainability since 1978. Maximilian Böck, who will chair the advisory board providing strategic support to the management, added his confidence in contributing to a sustainable future for the brand, drawing on their understanding of the fashion market and premium brands.
Strategic growth markets have also been identified, with Werner Böck pinpointing the United States as a particularly promising medium-term growth market. In the short term, the DACH region (Germany, Austria, Switzerland) is seen as offering “low-hanging fruit” for immediate expansion. Giers and Nadler expressed their eagerness to shape the next phase of Closed’s development alongside experienced entrepreneurs, providing stability and momentum for the entire team.
The company’s recent financial troubles, which led to the insolvency proceedings, were attributed primarily to over-indebtedness. Liabilities to banks alone reportedly totaled approximately €30 million, contributing to a total debt of €60 million. During the 2022/23 financial year, Closed generated €120 million in revenue but concluded the year with a “double-digit-million-euro loss” on an EBITDA basis, falling short of expectations. Manager Magazin and other media outlets had reported speculation about “dubious financial holes” and unexplained multimillion-euro transfers, leading to ongoing investigations. Insolvency administrator Stefan Denkhaus confirmed the investigation is underway and will be expedited, though he declined to comment on its current status.
