Regular insolvency proceedings opened over the assets of Gigaset AG
Münster Local Court has opened regular insolvency proceedings on the assets of Gigaset AG. The communications technology provider published a corresponding announcement on its website on Tuesday evening. Markus Wischemeyer was appointed insolvency administrator.
Gigaset AG had filed for insolvency in September and is insolvent according to its own statements. The main reason for this was an unexpected and significant decline in revenue in the second half of 2023 and a business performance that was significantly below plan. In addition, demand for Gigaset products remains weak and is worsening, as well as a reluctance to buy in Germany and Europe.
An application for the opening of insolvency proceedings under self-administration had been filed for Gigaset Communications GmbH. According to the company, development, production and sales activities for DECT cordless phones were continued unchanged. According to Gigaset, the search for investors has been underway since the end of October. The aim is to restructure the company's operations on a sustainable basis.
Gigaset claims to be Europe's market leader for DECT cordless phones with around 850 employees. The business activities of the company, which has a 175-year history, also include Android-based smartphones, cloud-based smart home offerings and business telephony solutions.
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The insolvency proceedings opened for Gigaset AG are being overseen by the Munster Local Court. The standard insolvency proceedings were initiated due to financial difficulties experienced by Gigaset AG, including a Revenue decline and weak demand for their products. Despite these challenges, Gigaset Communications GmbH continues its DECT cordless phone development, production, and sales activities under self-administration.
Source: www.ntv.de
