The chain of corporate bankruptcies never stops. Now it's happening to a traditional company from Thuringia. After almost 100 years, bankruptcy is imminent.
Bad Blankenburg – More and more German companies are filing for bankruptcy these days. Because of the poor economic conditions, the electrical company Efbe Elektrogeräte GmbH from Bad Blankenburg has now been hit. The company filed for bankruptcy in mid-March. Now it is clear what will happen next.
Efbe Elektrogeräte GmbH files for bankruptcy – restructuring in prospect
In the insolvency proceedings, Efbe Elektrogeräte wants to restructure itself and make it future-proof. The company submitted the corresponding application to the Gera district court. The district court, in turn, ordered insolvency administration and appointed restructuring expert and lawyer Kai Dellit from hww herrmann wienberg wilhelm as provisional insolvency administrator.
The Belgian parent company TKG SRL had previously filed for bankruptcy. According to the responsible law firm, the wages of the 26 employees are secured for three months through the insolvency benefit. “In the coming days and weeks, with the support of the management, I will gain an overview of the company’s economic situation,” said the provisional insolvency administrator Dellit in a statement.
Based on the current status, he is examining the restructuring options and taking the necessary measures to separate Efbe from the parent company. This is the only way sustainable renovation is possible. All suppliers and customers of Efbe Elektrogeräte GmbH are informed and ready to maintain business relationships with the insolvent company. According to Dellit, this was one of the important building blocks “on the way to restructuring”.
Almost 100 years of innovation through Efbe electrical appliances
Efbe Elektrogeräte GmbH has existed for around 96 years. Founded in 1930 by Franz Baumgartner (hence eFBe), the company began as a special factory for heating pads and electrical devices. Parts of the company were forcibly transferred into the ownership of the GDR government in 1952, and re-privatization took place on January 1, 1993. According to company information, Efbe Elektrogeräte GmbH developed into an innovative company that achieved “numerous national and international patent applications”.
Today it is a retailer and wholesaler of electrical household appliances and design products. Some selected electrical items come from our own production.
More and more bankruptcies in Germany
Efbe thus joins the long queue of companies that are currently filing for bankruptcy. Just a few days ago, a popular amusement park that has been attracting families for around 30 years filed for bankruptcy. The bankruptcy of the Galeria department stores caused waves, among other things, because of its connection to Signa founder René Benko. 280 employees were also affected by the bankruptcy of a large furniture manufacturer.
It is often the difficult economic conditions that are currently causing problems for companies. In Germany, energy costs are currently disproportionately high, and many companies also suffer from a huge amount of bureaucracy. Many had pinned their hopes on the Growth Opportunities Act, which economists were ultimately disappointed with. Politicians are still looking for options to fundamentally improve the framework conditions.