As of: March 25, 2024, 2:38 p.m
By: Amy Walker
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Traditional company files for bankruptcy: cult products are threatened with extinction © Thomats Nitsche/Imago
The insolvency proceedings of a traditional German company from the Sauerland have been completed.
No investor could be found - employees have already received notice of termination.
Arnsberg – Sad certainty for the employees of the company M. Westermann & Co. GmbH (“Wesco”): The company is being wound up, no investors have been found for the location in Arnsberg in the Sauerland.
All 80 employees will lose their jobs, as the
Sauerland-Kurier
reported last week.
The brand is sold to a company in Schwarzenberg in Saxony.
Wesco trash cans are among the best-known products
“It is very regrettable that we were unable to obtain jobs in Arnsberg as part of the self-administration process.
“In view of the circumstances, it is pleasing that we were able to secure all jobs in Schwarzenberg and at the same time find a well-positioned interested party in Naber to continue the Wesco brand and products,” says lawyer Prof. Dr.
Dirk Andres from the law firm AndresPartner, who acted as insolvency administrator.
The sale of the products and intangible items will come into effect retroactively to March 1, 2024 to DTS GmbH in Schwarzenberg.
The bankruptcy in self-administration was filed in November 2023.
The reason given was energy prices and procurement costs for materials, which put the company under pressure.
In addition to the well-known Wesco trash cans, Wesco also manufactured other metal household goods and furniture.
The company Westermann & Co. GmbH was founded in 1867 and has had its headquarters in the Sauerland ever since.
Bankruptcy marks the end of an era.
But Wesco is not alone: bankruptcies have been increasing in the country for a year.
Energy crisis, pandemic, inflation – the crises of recent years have particularly affected small and medium-sized companies.
Experts expect high numbers of insolvencies to continue in 2024 before the situation stabilizes again.