Depot to Close 27 Stores in Germany Following Insolvency Restructuring

The home decor retailer aims to streamline operations and reposition itself for profitability by mid-2025.

Depot, a subsidiary of Gries Deco Company, is closing 27 stores in Germany by the end of 2024, with 17 already shuttered, reducing its network to 285 locations.
Approximately 50 employees will lose their jobs due to store closures, while most affected staff will be reassigned to other branches.
The company filed for self-administered insolvency in July 2024, citing financial difficulties exacerbated by the COVID-19 pandemic, inflation, and rising operational costs.
Depot plans to transition to a 'concept store' model with a reduced product range, potential new brands, and an emphasis on experiential shopping to differentiate itself from online competitors and discount retailers.
The company aims to return to regular operations by mid-2025, with ongoing adjustments to its business strategy and store formats to ensure long-term viability.