Premium German kitchen manufacturer Warendorf has filed an application for insolvency proceedings for its assets and is now in administration citing liquidity problems as the reason.
This week, the Local Court of Münster appointed the restructuring expert Mr Stefan Meyer from PLUTA Rechtsanwalts GmbH as the provisional administrator.
Meyer commented “Order books are well filled, and the staff are motivated. This is a good basis for the coming weeks and for the restructuring measures planned for the company.”
The statement confirmed that “…despite the positive developments, it was not possible to achieve the ambitious, but necessary, revenue targets set for 2018. In the first two months of 2019, order intakes were much higher year-on-year. Up until now, the company’s owners have always been positive about the developments and provided the necessary funds.
“However, since the end of last year, it has not been possible to reach any consensus regarding further funding for necessary investments. As a result, the search for an investor was launched, which, however, was fruitless in view of the lack of time.”
Warendorf – Die Küche GmbH has a workforce of approximately 110 employees, whose salaries are guaranteed for three months, in line with provisions under German insolvency law. “We are aiming at finding an investor,” added the attorney Mr Meyer. The PLUTA team also includes the attorneys Mr Ingo Thurm and Dr Ria Brüninghoff.
The Cologne-based distribution company Warendorf Retail GmbH is not affected by the application being filed.
Warendorf is the fourth major KBB supplier to go into administration recently after British Ceramic Tile, Astracast and Better Bathrooms.
The origins of the kitchen manufacturer go back to 1973. Since 2010, the company has been operating under the brand name Warendorf. The company is well known for its high-quality products and individual customer care far beyond the region it is based in. The proportion of foreign business has been increased in the past few years successively. The enterprise has developed and patented a folding element, which is produced in a special procedure and glued in a high-quality production process. Thanks to this specific element, the cupboards are given special stability and durability. The company’s kitchens are manufactured exclusively in Germany (in Warendorf) and are not only sold domestically, but increasingly in other countries as well.