Speculations are growing around potential investors for beleaguered kitchen furniture brand Poggenpohl
Reports in the German press have named Chinese retail giant Red Star Macalline and family-owned German logistics outfit Schröter Zeitfach KG as possible candidates for saving the company.
German administrators were appointed at the end of April and said parent company Poggenpohl Möbelwerke GmbH had seen a ‘considerable decline in orders and sales since the outbreak of the Covid-19 pandemic’.
This is not the first time Red Star Macalline has been associated with Poggenpohl, in September last year they announced a joint venture designed to expand the brand into the lucrative Chinese market.
Little appears to have come of that deal, but it does demonstrate that there is an established interesting in the brand,
According to German newspaper reports, however, parties from the Berlin-based Schröter family and its company Zeitfracht KG have already visited the Poggenpohl HQ in Herford, Germany.