According to reports, Loewe, a German luxury TV manufacturer, is to cease business operations on 1st July due to insufficient funds.
Spiegel Online made the announcement yesterday, stating that Loewe is to “stop production on July 1st because the company ran out of money.”
Managing director, Ralf Vogt said: “For reasons of insolvency law, we are therefore obligated to protect our creditors to provisionally suspend cost burden.”
The company’s dissolve means that approximately 400 people are set to lose their jobs if a last-minute investor is not found.
Weiβ, the bankruptcy trustee, is now trying to find a buyer for the rest of Loewe’s business.