German kitchen manufacturer, Neue Alno, has applied for preliminary insolvency proceedings and will go into self-administration, according to multiple reports in the German press.
The brand – which has been owned by European investment firm RiverRock since 2017 – started proceedings on July 2 at Hechingen district court. After being placed in self-administration, the managing directors Jochen Braun and Michael Spadinger (Pictured left-right) will be provided with an administrator by the insolvency court as the pair can continue to search for investors.
RiverRock has been looking for investors for the brand for more than three months after it had a strong 2020 and saw its sales increase by 62%.
The reports from Germany state that the company has made this choice to help move the company through the pandemic crisis while supporting its 230 employees, customers, and suppliers.
According to reports, Neue Alno said this insolvency process will help them reposition themselves and to find a new investor. Business operations are continuing while all the management remains in office.