The global crisis has hit them too! The German automotive giant has officially gone bankrupt.

Negative economic conditions affecting the world continue to put pressure on companies. Many factories have declared bankruptcy due to reasons such as a shortage of skilled workers and exorbitant parts prices.

MANY COMPANIES ARE GOING BANKRUPT

In the face of severe global economic difficulties, many companies in various regions of the US and Europe are going bankrupt. Recently, the Germany-based automotive parts supplier Federnfabrik Erwin Lutz announced its bankruptcy.

THEY HAD FILED FOR BANKRUPTCY

According to a report in Ekonomim, the automotive supplier Federnfabrik Erwin Lutz, operating near Reutlingen in the state of Baden-Württemberg, has gone bankrupt.

As reported by many media outlets, the company filed for bankruptcy at the local court in Tübingen on August 9. Jürgen Sulz, a lawyer from Reutlingen, was appointed as the provisional bankruptcy administrator.