Berlin-based MFG Recommerce, owned by Momox founder Christian Wegner, will take over bankrupt fashion resale site MädchenFlohmarkt for an undisclosed sum.
“With effect from August 1, 2023, MFG Recommerce GmbH from Berlin will take over the business operations of the well-known second-hand online shop as part of a transferring restructuring. The investor will continue to run the brand and the MädchenFlohmarkt website and take over the employees,” said law firm Pluta Rechtsanwalts GmbH.
As part of the agreement, the transfer includes a subsidiary in Poland that was not affected by the bankruptcy proceedings.
“We have had very good discussions with the investor in the past few weeks,” said provisional insolvency administrator Ilkin Bananyarli. “I am pleased that the tireless efforts of everyone involved have paid off and that MädchenFlohmarkt has a future.”
The company had filed for bankruptcy in mid-June after sellers complained for months that they had received no money for products sold or had had to wait a long time for payment. At the beginning of the month, Germany’s consumer advice center warned sellers against using the marketplace.
MädchenFlohmarkt — which means Girls’ Flea Market — charged a commission of 10% for items posted and shipped by sellers themselves. It also offered a “concierge service,” with items dispatched by the company, for which it retained 40%, or at least €14, of sales worth up to €50, and 30% of sales worth over €50.