04.08.2024 10:20
German electronics giant Astro Strobel, founded 77 years ago in Germany, has filed for bankruptcy due to supply chain issues triggered by the coronavirus pandemic and the subsequent war in Ukraine. The company, founded in 1947 by the current CEO's grandfather, Adolf Strobel, is reportedly in search of new investors and has begun initial discussions.
The German electronics manufacturer Astro Strobel, which has a long history, has filed for bankruptcy. Astro Strobel company from Bensberg near Bergisch-Gladbach announced on its website that the Cologne regional court made a relevant decision on July 10. General Manager Herbert Strobel wrote on the company's website, "The initiation of bankruptcy proceedings is an important moment for our company, but I believe we will come out stronger."
EMPLOYEES' WAGES WILL BE PAID WITH BANKRUPTCY ASSISTANCE
Bankruptcy administrator Thomas Ellrich sees a good chance for restructuring and said, "The basic prerequisites for this are available. The business is fundamentally healthy and the company's customers and suppliers continue their orders and deliveries." Commercial activities will continue for now and the wages of 115 employees will be paid through bankruptcy assistance from the Federal Employment Agency.
The Bensberg-based electronics manufacturer has been supplying electronic devices and system solutions for cable TV, satellite reception, and IPTV technology to retailers, commercial companies, and system providers for 77 years. According to the company, it came under pressure primarily due to supply chain problems triggered by the coronavirus pandemic and then the war in Ukraine. The cancellation of a major order subsequently led to the current difficulties.
COMPANY IN SEARCH OF NEW INVESTORS
Strobel said, "The liquidity situation could no longer be corrected outside the court." Therefore, it was inevitable to go to the local court. The company is now in search of investors and has had its initial meetings. The company was founded in 1947 by Adolf Strobel, the current General Manager's grandfather.