The District Court of Dortmund ordered the opening of insolvency proceedings and the continuation of Sport Voswinkel's self-administration on July 25. Sport Voswinkel is a chain of 72 stores throughout Germany. It has been a member of Intersport Germany since 1989 and a subsidiary of the voluntary group since 2003. On April 24, it filed an application for voluntary insolvency proceedings under its own administration and invited potential buyers to place their offers until July 17. According to Sport Voswinkel, the offers are currently being verified. The company mainly received offers for individual stores. The restructuring plan, to be submitted in the next couple of days, includes the closing of 22 of the existing 72 stores by October 31. Nine stores, which were supposed to be closed in the near future, will remain open after successful negotiations with the local landlords. The company's distribution center in Bochum, and its headquarters in Dortmund are scheduled to undergo a major reorganization. A total of 275 jobs are being affected by the restructuring measures. The Federal Employment Agency had replaced wages and salaries with insolvency funds for a period of three months up to July 24. However, the management has now agreed to a reconciliation of interests and a social plan with the worker's council and informed the employees. With the opening of the proceedings, Sport Voswinkel began paying wages and salaries once again. Anna-Lena Schulte-Angels and Marcus Neul, chief executives of Sport Voswinkel, will be responsible for implementing the restructuring plan. Dr. Lorenzo Matthaei from the Finkenhof law firm will support them. Christoph Schulte-Kaubrügger, a lawyer from White & Case, will serve as a so-called guardian, supervising the procedure on the creditors' behalf.

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