24hoursworld

Glass manufacturer Ritzenhoff files for bankruptcy

Glass manufacturer Ritzenhoff files for bankruptcy

The glass manufacturer Ritzenhoff is known for its colorful motifs on drinking glasses. But now the company has run into difficulties and has filed for bankruptcy.

The glass manufacturer Ritzenhoff has gotten into financial difficulties. The company submitted an application for self-administration insolvency proceedings, which was approved, said a spokeswoman for the Arnsberg district court. Several media outlets had previously reported.

The company from Marsberg in Hochsauerland says it employs 430 people and its most recent annual turnover was around 60 million euros. There was no information about the loss in 2023.

Glass manufacturer Ritzenhoff files for insolvency – long-term stabilization is the goal

The company justified the move with high energy and raw material costs as well as the after-effects of the corona pandemic, which would have put a lasting strain on the business environment and supply chains. Before Corona, Ritzenhoff was still slightly profitable: in 2019, according to the Federal Gazette, the company had sales of 67.4 million euros and an annual net profit of 0.26 million euros. In 2020, revenue fell to 45.6 million euros and a loss of 9.5 million euros was recorded. In 2021 the minus was 6.5 million on 49.7 million sales.

According to the company, the self-administered insolvency proceedings are “part of a comprehensive strategy for the long-term stabilization of the company.” The company emphasized that the initiation of the procedure had no impact on ongoing business processes. In insolvency proceedings, companies can easily get rid of legacy financial burdens in order to gain economic prospects again.

Ritzenhoff’s glasses are usually colorfully decorated, for example with wolves, deer, whales, monkeys, birds and flowers. This gives them a certain visually unique selling point on the market.

According to the company, the restructuring will be supported by the entrepreneur Robert Tönnies, co-partner of the meat producer Tönnies and nephew of the co-owner Clemens Tönnies. According to the information, Robert Tönnies acquired a stake in Ritzenhoff in autumn 2023.

Source: Stern

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts