The company is to be continued.
The Upper Franconian toy manufacturer Haba Sales GmbH & Co. KG has filed an application for insolvency under self-administration at the Coburg district court. The company, based in Bad Rodach (Coburg district), announced that the court had ordered provisional self-administration.
“The application for self-administration was anything but easy for us,” said managing director Mario Wilhelm. However, in the tense economic situation, it is the only way for the company to regain its former strength.
In contrast to regular insolvency proceedings, in self-administration there is no insolvency administrator, but rather a so-called administrator who accompanies and monitors the proceedings. According to Haba, this task is taken on by Tobias Sorg from the law firm dmp solutions. The management at Haba will remain in office. The company said it would continue business operations “as usual.”
Jako-o discontinued in August
The toy manufacturer only announced in August that the Jako-o brand would be discontinued. The Haba Familygroup is currently undergoing the largest restructuring in the company’s more than 85-year history, it said. The Upper Franconian toy manufacturer had previously reorganized its management team and announced large-scale job cuts.