Haba: On the road with children's toys and furniture
Photo: JENS MEYER/ AP
The toy manufacturer Haba from Bad Rodach filed for insolvency proceedings in self-administration at the Coburg District Court on Tuesday. The step was inevitable, the company said. The district court granted the application and ordered provisional self-administration.
Haba employs around 2000 people at its site in Upper Franconia. The insolvency application in self-administration gives the family business the chance of "a complete restart", as Haba announced. The company now wants to work on putting the company "on a solid financial footing in the long term" after the turbulence of the past few months, according to Haba's statement.
The company had already laid off more than 100 employees in July. In addition, Haba had announced at the beginning of August that it would discontinue the Jako-o business unit for children's clothing. They wanted to concentrate exclusively on toys and furniture for children, it said.
But these steps were not enough to avert the bankruptcy petition. According to Haba Managing Director Mario Wilhelm, the application is the only way to regain its former strength.