BR-Spielwaren's branches in northern Germany sold to SPIELE MAX


BR-Spielwaren sells high-quality toys and children’s products via branches that are primarily located in shopping centres in Hamburg and northern Germany. As a company, BR-Spielwaren was created in 2007 as a result of TOP TOY's takeover of the traditional family-run toy retailer Gebrüder Salzmann GmbH, founded in 1956. TOP TOY operates around 270 branches in Scandinavia under its own brand BR and as a franchisee for Toys“R”Us.

Entire sales process

As part of judicial restructuring proceedings relating to its Danish parent company (TOP TOY Holding A/S), the German subsidiary made an application for insolvency proceedings, which were opened in February 2019. This subsidiary has 180 employees and 20 retail locations. Stefan Denkhaus from BRL Boege Rohde Luebbehuesen in Hamburg was appointed as BR-Spielwaren's insolvency administrator. He commissioned CVM Capital Value Management GmbH to handle the sale of BR-Spielwaren's business operations.

In May 2019, seven of the remaining 20 branches, with a total of 34 employees, were sold to SPIELE MAX GmbH. An additional branch with two employees had been transferred to a local toy retailer back in April. 

SPIELE MAX GmbH has more than 65 branches across Germany, along with an online shop, offering customers a product range that includes baby equipment, toys, babywear and childrenswear, as well as model trains. It is the largest specialist retailer for baby products in Berlin and Brandenburg, and was founded in 1982 as Spiele Max Wilfred Franz KG. It has won the “Highest Levels of Customer Satisfaction” award multiple times, in addition to various prizes for its range, quality, infrastructure and appealing prices. 
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BRL is a partnership of lawyers, auditors and tax advisers, with an international focus. It was founded in Hamburg in 2006. Today, BRL has around 250 employees across its offices in Hamburg, Berlin, Bochum, Dortmund, Hanover and Frankfurt. It is one of Germany’s leading companies for restructuring and insolvency-related issues, and was recently given the JUVE Award for “Law Firm of the Year for Insolvency Law and Restructuring.” 
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The team at CVM Capital Value Management, led by Andreas Knaup (partner) and Steffen Leininger, offered comprehensive assistance throughout the sales process, from identifying potential investors through to handling the successful sale. All jobs have been secured at the retail locations that have been taken over. Further information is available at