More and more large companies are insolvent - one industry is particularly affected

Created: 11/30/2022 11:32 am

By: Patricia Huber

Many companies are in crisis due to the corona pandemic and the war in Ukraine.

This is increasingly leading to major insolvencies – especially in one industry.

Berlin/Munich – First the corona pandemic, now the Ukraine war: the events of the past few years have placed a heavy burden on many companies.

While supply chain problems were a major obstacle at first, high energy and raw material prices are now causing problems for many companies.

Insolvencies: Significantly more bankruptcies than in 2021

As a result, more and more companies have to file for bankruptcy - and this does not only affect the small companies.

As the insolvency report by management consultancy Falkensteg shows, 33 large German companies with sales of at least 20 million euros have filed for bankruptcy in the past three months alone.

For comparison: in the previous year it was 74 percent less.

"The increase is to be expected, but it is not as high as some people expected at the beginning of the year," explains Jonas Eckhardt, partner at Falkensteg and author of the insolvency report.

He expects that insolvencies will be significantly higher this year than in 2021, but the Corona record will probably not be broken.

In the first year of the pandemic, 181 large companies filed for bankruptcy.

Major bankruptcies: automotive suppliers in particular hit hard

The automotive suppliers were hit particularly hard in the third quarter of this year with seven insolvency proceedings.

Closely followed by machine manufacturers and food manufacturers, each with five processes.

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The largest company hit by the crises is the automotive supplier Dr.

Schneider with a turnover of 432 million euros and 4,500 employees.

In second place is the well-known shoe retailer Görtz with annual sales of 198.8 million euros and 1800 employees.

In September it became known that the parent company Ludwig Görtz GmbH had applied for a protective shield procedure in self-administration.

Insolvency proceedings under self-administration have also been applied for for two daughters.

This will probably not affect business for the time being.

"All stores are open," it said.