Closed announces Dieter Holzer as new CEO after acquisition

The Böck family, owners of Marc O’Polo, and Supervisory Board member Dieter Holzer acquired Closed out of insolvency proceedings at the end of last week. The company appointed Holzer as the new CEO of the Hamburg-based premium label.

Closed will remain fully independent, including its wholesale, retail, online, and outlet businesses. A notary has finalized the contracts, and all parties expect to fulfill the agreed conditions during October. They agreed to keep the purchase price confidential.

The Böck family holds 74.9% of the acquiring company, and Holzer owns 25.1%. The new entity will operate under the name “CLOSED NewCo GmbH” and remain based in Hamburg. Chief Product Officer Gordon Giers and Chief Sales Officer Til Nadler will stay on the management team.

The Hamburg Local Court appointed Stefan Denkhaus, a partner at the multidisciplinary law firm BRL, as insolvency administrator, who confirmed at a press conference on Monday that the investor process launched two months ago had successfully concluded.

The contracts include conditions that require review and approval by the Federal Cartel Office and are expected to be fulfilled in October 2025.

The team is still determining the exact number of stores included in the acquisition. Holzer explained in Hamburg that the plan is to run Marc O’Polo and Closed separately while keeping as many of the current 27 stores as possible. He will continue to serve on the Marc O’Polo Supervisory Board.

Holzer stated that Closed operates profitably and “offers growth opportunities even in this difficult market.” He expects these opportunities to become evident by the second year after the takeover. Böck identified the United States as a particularly promising growth market in the medium term and described the DACH region as offering “low-hanging fruit” in the short term.

“Closed is an icon — an authentic brand that inspires desire among customers. We look forward to continuing to develop Closed together with Gordon Giers, Til Nadler, the management team, and all employees,” Holzer said.

“Closed is an original! This wonderful brand has embodied credibility since 1978, inspiring its customers with traditional craftsmanship, innovation, high quality, and sustainability. We share this fascination, too,” said Werner Böck.

Maximilian Böck added, “We understand the fashion market and premium brands. We look forward to this valuable additional entrepreneurial commitment and are confident that we can make a decisive contribution to a sustainable future for Closed.” He will chair the advisory board, which will provide strategic support to the management.

Giers and Nadler will remain with the company and continue shaping the future of Closed.

“Together with such experienced entrepreneurs and the management team, we would very much like to help shape the next phase of Closed’s development and thus provide the entire team with stability and momentum,” Giers and Nadler said.

Lothar Hiese, interim managing director since 25 March 2025, will continue working for Closed until the company appoints a new CFO.

When asked about the company’s financial troubles, executives cited over-indebtedness as the primary cause. Liabilities to banks alone recently totaled approximately €30 million, while total debt amounted to €60 million.

During the proceedings, media outlets reported speculation about “dubious financial holes” at Closed and stated that the company’s 2022/23 annual financial statements were under review. Manager Magazin, among others, reported unexplained transfers worth millions. Authorities are currently investigating the matter.

Denkhaus declined to comment on the status of the investigation during the press conference: “I have until 2028 to investigate all of this. But I won’t need that long,” he said.

Lothar Hiese, who replaced Hans Redlefsen as CFO in the summer, stated that the company would need to reopen its 2023/24 annual financial statements.

Closed generated €120 million in revenue but ended the year with a “double-digit-million-euro loss” on an EBITDA basis — a result that fell short of expectations. The company is reassessing valuation and financing strategies.