Insolvent TV manufacturer Loewe sets operating

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Loewe was once a pioneer of television technology. After years of crisis, the organization is expected to now finally have the money. As of the weekend, the business should rest operation. Almost all employees will be exempted.

Already, in 2013, Loewe was advised in the case of bankruptcy (archive image)

The insolvent TV manufacturer Loewe is broke and I need to set the end of the week in the short term, the operation. The creditors will not be willing to give another loan to continue the business, said Loewe-Chef Ralf Vogt in a statement. “We are obliged, therefore, from a bankruptcy legal reasons for the protection of our creditor, the operation of the business would be expected to 01.07.2019 provisionally at the lowest cost to make the load resting.”

It is not even clear whether the Loewe can pay in the next month, nor any of its approximately 400 employees. According to a statement on Monday ordered provisional insolvency administrator Rüdiger Know the payment of wages and salaries is ensured in the framework of insolvency money only until the beginning of July. The employees of the Kronach-based company, the loss of their jobs threatens, for the most part. The IG metal demanded, to employ the workforce in a transfer company.

Looking for Investor to go on

In a staff meeting had been communicated to the employees that they 1. July will be free, so White – up on a “core team” to push the “for Investors”. This concerns ten to fifteen employees, informed of the Bayreuth lawyer. The search for an Investor that could save the company, should continue to run, as White, was previously used as a disposer of Affairs.

Loewe continued for a long time standards in the field of television technology

Loewe had already requested at the beginning of may, the bankruptcy procedure on your own – for the second Time within a period of six years. Managing Director Vogt would have been able to continue to direct the fortunes of the company. In the now initiated the regular insolvency proceedings, the Management loses control of the company. In addition, there is a serious conflict with the IG Metall.

Union criticised a Trustee and Investor

The authorized representative of the IG Metall in Coburg, Jürgen Apple, accused Know to have the search for an Investor blocked, even though ten questions were. The Bavarian regional head of IG Metall, Jürgen Horn, in turn, makes the British holding company river rock is responsible for the development. According to IG Metall, river rock, Loewe has helped out already with a two-digit million loan, but is not willing to give another credit.

“There is some evidence to suggest that the financial investor waits river rock, to Loewe is finally bled dry, in order to earn only then, with the wreckage of the company’s money,” said Horn. After the closure of a firm, an Investor could pick up for a restart, the raisins, and pay lower wages.

The future concept is not a production more

According to managing Director Vogt there is a concept for Loewe, according to which the company was on sales, Marketing, Design and product development focus. The production in Kronach is to be converted, therefore, in a logistics, repair and spare parts centre.

The, founded in 1923, the Franconian company was a pioneer of television technology, however, has been struggling for a long time, with the overwhelming competition from South Korea, Japan and China. After a first bankruptcy Loewe belonged to since 2014 the financial investor Stargate, which works with loans by the holding company of river rock. Also, the technology in Loewe products is no longer just Made in Germany. In February, Vogt had given up a strategic partnership with the Japanese electronics manufacturer Toyoichi known, which provides, among other things, LCD-Displays.

ww/yy (dpa, rtr)