Mismanagement and over-ambitious business goals have brought German tire dealers into an imbalance. 16 companies jointly file for bankruptcy.
- German subsidiaries of the British Fintyre Group have to file for bankruptcy.
- In total, over 1,000 jobs are threatened in this country .
- The individual proceedings are carried out in a group insolvency.
Frankfurt / Main - In the supplier environment of the weakening auto industry in Germany, more than 1,000 jobs are threatened by the loss: Various subsidiaries of the tire wholesaler Fintyre Group from Germany have declared bankruptcy.
According to the district court in Frankfurt, corresponding requests were made for a total of 16 companies . The reason is insolvency and over-indebtedness , said a spokesman for the provisional insolvency administrator Miguel Grosser from the Jaffé law firm . According to the spokesman, more than 1,300 employees are affected, who were informed about two weeks ago about an “unavoidable delay in paying wages and salaries”, as the Wirtschaftswoche reports.
Fintyre Group fails with "aggressive growth strategy"
Tire Krieg GmbH in Neuhof near Fulda had started last week. The individual proceedings run as group insolvency . This enables faster and easier coordination , said the spokesman for the insolvency administrator.
16 German subsidiaries of the Fintyre Group file for bankruptcy (symbol image).
© picture alliance / dpa-tmn / Arno Burgi
The Fintyre Group, based in London, is owned by the associated company Bain Capital. According to the report, the company had tried to become the largest manufacturer-independent tire dealer in Europe with a rather aggressive growth strategy. The most recent annual turnover was 1.1 billion euros.
Meanwhile, new details of the diesel scandal have come to light at Audi.
PF / dpa
List of rubric lists: © picture alliance / dpa-tmn / Arno Burgi