Premium German kitchen manufacturer Warendorf has filed for insolvency proceedings and is now in administration citing liquidity problems as the reason.
Warendorf – Die Küche GmbH filed for insolvency in the Münster Local Court in the Münsterland region on Monday (March 11).
The Münster court has appointed restructuring expert Stefan Meyer from Pluta Rechtsanwalts GmbH as provisional administrator.
Meyer said in a statement: “Our goal is to find an investor. Order books are well filled, and the staff are motivated. This is a good basis for the coming weeks and for the restructuring measures planned for the company.”
Pluta also confirmed that normal business operations would continue.
The statement continued: “Despite a positive development, the ambitious but necessary revenue targets for 2018 could not be achieved. In the first two months of 2019, order intakes were much higher year on year. Up until now, the company’s owners have always been positive about the developments and provided the necessary funds. However, since the end of last year, it has not been possible to reach any consensus regarding further funding for necessary investments. As a result, the search for an investor was launched, which, however, was fruitless in view of the lack of time.”
Speaking to German online news site Möbel Kultur, Warendorf chief executive Stefan Hofemeier is reported as saying “we just ran out of time” and that the company had begun looking for new buyers.
Warendorf – Die Küche GmbH employs around 110 people. Their salaries are guaranteed by the insolvency proceedings.
The sales company Warendorf Retail GmbH, based in Cologne, is not affected.
Warendorf, which was founded in 1973, is currently owned by investment company CoBe Capital, which saved the company from insolvency back in 2016.