Market: The German cult manufacturer Kettler surprisingly filed for bankruptcy in self-administration at the district court in Arnsberg today. The background is not only the precarious financial situation of the family business, but also the fear of hostile takeovers by investors.
The company, founded by Heinz Kettler, has been a fixture in the sports and fitness equipment market in Europe since the 50s. Whether it's the cult Kettcar, the Golf exercise bike, which was extremely popular in the 80s, or one of the world's first aluminum bicycles: the company has always managed to land big box office hits. Unfortunately, there have been no such successes in the past 20 years - now the company, which is now managed by Karin Kettler, has filed for bankruptcy. However, this should take place in self-administration – i.e. the management is assigned an administrator. In the case of Kettler, there is also a restructuring expert. This is how the financially stricken manufacturer should get back on its feet.
However, the company also communicated that there was no alternative to the procedure in order to "To avoid an uncoordinated takeover by a financial investor and to realign the company." During insolvency proceedings, the company is not only protected from the claims of creditors, but also from potential investors. For the time being, operations are to continue as usual for the approximately 1.100 employees in the seven German locations. But there is a big question mark behind the future of Kettler at the moment.
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