Shipping merchant - More companies in the group affected by the Worldview Insolvency
After the Insolvency of the retailer Weltbild, several other companies from the Augsburg corporate group have also filed for insolvency. The Augsburg District Court announced that several societies had recently submitted corresponding applications. Several media had previously reported on this. A company spokesperson also refused to rule out insolvency applications for the yet unaffected daughters: "Applications for further daughter companies in the group are currently being reviewed", she said.
According to the Insolvency Notices portal, the booksellers Jokers and Buecher.de, the backpack supplier Fitz & Huxley, and the children's article supplier Tausendkind are among the now insolvent companies. Already beforehand, the book wholesaler Avus and the garden article mail order company Gaertner Poetschke had filed for insolvency at the Cologne and Duesseldorf district courts.
Missing financing pulled in more companies
At the beginning of June, the online retailer Weltbild, which operates 14 retail stores nationwide in addition to mail order business, initially filed for insolvency. At the time, it was said that the corporate group was "otherwise well-positioned" with the other daughters. Now, it seems that the missing loan has drawn in other businesses. The overarching WB D2C Group employs more than 2000 employees and generates a total turnover of approximately 600 million Euros.
The company spokesperson explained that advanced negotiations between the shareholder Droege Group and banks unexpectedly failed last week. As a result, an investment from Droege in the various daughter companies of the WB D2C Group could not be secured. "Through the resulting lack of liquidity, several companies in the group have become insolvent and have filed for insolvency", she said. Business operations will continue after the filings.
The current Weltbild business has emerged from the same named company of the Catholic Church. Ten years ago, the publishing group Weltbild had already filed for insolvency, and the Augsburg-based Droege family business took over the Augsburg and built the current corporate structure.
The insolvency of Weltbild Corporation in Munich triggered payment incapacity issues, leading to insolvency applications in other German companies. Recently, the Augsburg District Court announced several insolvency applications from societies within the group. The Droege Group's failed negotiations with banks last week resulted in the insolvency of several daughter companies within the WB D2C Group, including Jokers, Buecher.de, Fitz & Huxley, and Tausendkind.
In Germany, the garden article mail order company Gaertner Poetschke and the book wholesaler Avus had already filed for insolvency earlier at the Cologne and Duesseldorf district courts, respectively. The insolvency of these companies underscores the financial challenges affecting various corporations in the handel sector, emphasizing the need for robust financial management and resilience.
