Anchor Rechtsanwälte | View firm profile
- Business operations continue without restrictions
- Restructuring efforts have already been initiated
- Application for provisional insolvency filed
Duisburg, December 23, 2024. The well-known and world’s largest pet shop Zoo Zajac from Duisburg has fallen into an economic crisis and is therefore starting an extensive restructuring process. In order to be able to implement the planned measures, an application was filed with the Duisburg Local Court for the opening of preliminary insolvency proceedings. The Duisburg Local Court has granted the application and appointed attorney Sarah Wolf from Anchor Rechtsanwälte as provisional insolvency administrator.
Business operations continue without restrictions
According to the Guinness Book of World Records, the pet shop Zoo Zajac is considered the largest pet shop in the world. The approximately 13,000 m² shop area includes over 1,000 aquariums as well as dozens of pond tanks and aviaries as well as several hundred terrariums. Around 3,000 species with a total of 200,000 animals are housed in the large store. By comparison, the Berlin Zoo has 19,500 animals and 1,000 species. At its peak, Zoo Zajac’s turnover was around EUR 15 million.
The operation of the company with the large business in the north of Duisburg in the Neumühl district continues without any restrictions. The salaries of the approximately 150 employees are secured by the insolvency benefit of the Federal Employment Agency. “We informed the employees immediately after the insolvency application. The team wants to support the joint course of restructuring so that Zoo Zajac can look forward to a long-term secure future,” explains Anchor attorney and provisional insolvency administrator Sarah Wolf on the current situation. Talks have also already been held with the most important suppliers so that goods can continue to be offered for sale.
The team of Anchor attorney Sarah Wolf will analyse the situation in detail in the coming weeks and concretise the restructuring concept that is already in place. “The conditions for a successful restructuring are good and we can continue the sale without restrictions. The team is also still motivated and pulls along,” Sarah Wolf continues. The professional care of all animals is ensured by the unchanged business operations – even over the holidays and the turn of the year.
Inflation and reluctance to buy
The main cause of the crisis at Zoo Zajac is the sharp rise in prices for the purchase of goods and transport. The rising energy costs are also causing problems for the company. The specific trigger for the insolvency application was then several failed loan negotiations for further interim financing. In the past two years after the unexpected death of the company’s founder Norbert Zajac, new business ideas have already been developed, but they have not led to the desired success. Another setback for Zoo Zajac was a change in the regulations for keeping pets. Due to these changed regulations, certain animals from the company’s stock were no longer for sale.
After stabilizing Zoo Zajac’s business operations in a first step, the search for a possible investor for the company will begin in the coming days. To this end, the procedure is already being discussed with various M&A advisors and industry experts. “We will quickly set up a structured investor process so as not to lose any time,” announces the provisional insolvency administrator Sarah Wolf.