GARANT SCHUH + MODE AG

euro adhoc: GARANT SCHUH + MODE AG
GARANT files for insolvency (E)

---------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc.   The issuer is responsible for the content of this announcement. ---------------------------------------------------------------------

The board of directors of GARANT SCHUH + MODE AG has resolved today to file a petition for commencement of insolvency proceedings on the grounds of illiquidity with the competent Local Court of Düsseldorf on September 7, 2004, in order to avoid further damage to the Company. The negotiations between the Company and its financing banks with the objective to bridge a liquidity shortage and to ensure sufficient long-term financing did unexpectedly not lead to final and satisfactory results so far since out of eighteen financing banks the Dutch Rabobank International was not prepared to maintain its loans and credits at the terms and conditions agreed between the financing banks. An agreement of all eighteen financing banks is necessary in order to bridge the liquidity shortage. The Company plans to continue its discussions with the financing banks with high intensity. If the financing of GARANT SCHUH + MODE AG can be ensured shortly the board of directors will withdraw its petition for commencement of insolvency proceedings. Otherwise the Company plans to implement necessary restructuring and financing measures to secure continuation of the business in the course of the insolvency proceedings.

end of announcement            euro adhoc 06.09.2004
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Further inquiry note: Jenny Bleilefens Investor Relations Telefon: +49(0)211-3386-311 jbleilefens@garantschuh.com

Branche: Consumer Goods
ISIN:      DE0005853030
WKN:        585303
Index:    CDAX, Classic All Share, Prime Standard
Börsen:  Börse Düsseldorf / official dealing
              Frankfurter Wertpapierbörse / official dealing
              Berliner Wertpapierbörse / free trade
              Bayerische Börse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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