GÖRG partner Sascha Feies appointed provisional insolvency administrator of MONOQI (Things I Like GmbH)
[Berlin, ] Attorney Sascha Feies, partner of the law firm GÖRG, was appointed by the Charlottenburg District Court as provisional insolvency administrator of MONOQI (Things I Like GmbH).
Things I Like GmbH filed for insolvency at the Charlottenburg Local Court on 20 December 2018. The Berlin start-up, which was founded in 2012, had grown very rapidly in recent years and had established MONOQI as one of the leading design platforms in the German market. Over the past three years, MONOQI has also been able to win more customers from other European countries. In the 2017 financial year, the company generated sales of around € 24 million with around 100 employees. However, the start-up had not yet reached the operating break-even point.
An application for insolvency in February 2018 was withdrawn after a few days following a financing commitment by investors. Despite the initial successes of the restructuring measures initiated as a result, including the opening of the online platform to non-members, the financing to continue the course taken was not sufficiently secured. Negotiations with potential buyers lasted until the very last moment, but no conclusion was reached. Within the framework of the now initiated insolvency proceedings, all options for a continuation of the business and a sale of the company are now to be examined.
The experienced insolvency expert Sascha Feies will be reviewing documents in the next few days and talking to the company's managers in order to assess the prospects for the group of companies and its approximately 100 employees. The business operations of the MONOQI online platform will continue without restrictions.
Further information in connection with the insolvency proceedings can be found on the Procedure Information Portal: https://monoqi.insolvenz-solution.de/start.
MONOQI is the online destination for hand-picked design. Since 2012, the Berlin-based company has been offering exceptional products by international designers on MONOQI.com that have the potential to become the classics of tomorrow. Scouts track down the world's most talented designers and present their interior, tech and accessory highlights on MONOQI for a limited period of 7 to 10 days. Every day, a new selection of over 100 products is curated by up to 10 different designers. Over 4,000 hand-picked pieces are also permanently available in the shop and are also available to non-members. MONOQI has 3.5 million members and has worked with over 10,000 designers from around the world to date.