Insolvency was filed in May 2023, and now the Pforzheim-based mail-order company is on the verge of going out of business. Unfortunately, it has not been possible to find investors for the group, which is why business operations will now cease at the end of January 2024.
“We have taken numerous measures in the past months and examined all reorganisation options for the Klingel Group,” said the group’s management. Various restructuring concepts had been drawn up and partly implemented in the spring, but the group continued to make losses despite “considerable cost reductions”. “For the preservation of the group as a whole, we would have needed a financially strong investor, but unfortunately there is no investor solution, so the decision was made to cease operations. This decision was not easy for all of us, but unfortunately there is no alternative,” the management explained.
The future of individual brands in the group is still unknown. There are some interested parties for the brands Klingel, Mona, Babista and Wenz – as well as for the online shops. Talks are ongoing, and issues such as customer lists and trademark rights still need to be clarified in order to enable operations to begin in 2024.
Since March 2023, the Klingel Group has been managed by Markus Katholing and CFO Henrik Schmidt. Insolvency proceedings in self-administration were opened on 1 August.
The salaries of the more than 1,300 employees of K – Mail Order GmbH & Co. KG are secure for the coming months. A social plan was agreed with the employee representatives to support the employees in their job search.