The German landline telephone and smartphone maker is bankrupt. Bocholt’s company, with 850 employees, announced on Tuesday it would file for bankruptcy following the collapse of its listed parent company and wants an operating subsidiary. Gigaset Renew Communications GmbH yourself. The reason for the bankruptcy was “an unexpected and significant decline in sales in the second half of the year”.
Demand is continuously weakening, Gigaset So the money ran out. Negotiations with lenders and lenders were not sufficiently concrete to ensure the necessary flow of funds to continue the business Gigaset Outside the insolvency proceedings,” it said.
CEO Magnus Ekerot, who came from Bosch at the beginning of the year, blamed former management for the imbalance: “Gigaset “We have not been able to compensate for the decline in the core business in recent years with cordless telephones (…).” This “unhealthy and one-sided trade orientation” contributed to the unfortunate situation. now it’s about Gigaset On solid economic basis. next to the telephone Gigaset Also manufactures smoke detectors and alarm systems.
Gigaset Since 2014, the majority is owned by Chinese investor Sutong Pan through his investment company Goldin Financial Holdings. According to data services provider LSEG, he recently held 72 percent of the shares. The company was recently valued at 42 million euros on the stock exchange. The former subsidiary of Siemens was sold to a financial investor in 2008.
happened two weeks ago Gigaset revised its forecasts significantly downwards. Contrary to expectations, sales and operating profit (Ebitda) in the current year should be well below last year’s levels. it was 2022 Gigaset EUR 241.3 million were implemented and EBITDA of EUR 17.9 million was generated.
