Tom Tailor is suffering in the wake of the coronavirus crisis and has had to accept state aid, according to reports. For that matter, so has Bonita GmbH, which belongs to Tom Tailor Holding, whose situation is apparently far worse. Tom Tailor employs around 3,400 people, which is no doubt one reason Germany’s federal government as well as the states of Hamburg and North Rhine-Westphalia had promised the company a guarantee of €100m, financing that’s scheduled to run until the end of September 2024. The company’s majority shareholder, the Chinese-based Fosun International, is looking to extend the term of a €28.5m loan until 2024. While Tom Tailor appears to be greenlighted for loan guarantees, its sister company Bonita has so far received no such assurances. This has led Tom Tailor Holding to apply for the opening of insolvency proceedings in a district court in Hamburg.
