The German-based bicycle manufacturing company, WSF Bicycle Technology GmbH, has experienced a significant reduction in its workforce from 49 employees to 15. The company specializes in producing high-quality bicycles for established brands as well as newcomers looking to launch their first series. Their services cover the entire manufacturing process, ensuring quality checks and flexibility in production processes.
Due to declining market volume and customer orders, WSF Bicycle Technology GmbH faced financial difficulties and filed for reorganization proceedings at the Wels regional court. The insolvency of the company is attributed to delays in parts deliveries and a sharp drop in customer demand. Despite higher prices, the company was unable to maintain sales volume. The liabilities of the company amount to approximately 2.373 million euros, while their assets are around 173,000 euros.
In an effort to continue operations, cost-saving measures have been implemented, including employee reductions and restructuring plans. WSF Bicycle Technology GmbH remains optimistic about a market recovery and potential new orders from existing and new customers. Discussions with potential investors are underway, and a restructuring plan offering creditors 20% of their claims has been proposed.
The insolvency administrator will assess the feasibility of continuing operations without further losses for creditors. WSF Bicycle Technology GmbH is committed to delivering quality bicycles and meeting market demands efficiently to ensure their competitive advantage in the industry.
WSF Bicycle Technology GmbH had faced financial difficulties due to declining market volume and customer orders that were attributed to delays in parts deliveries and a sharp drop in customer demand. Despite higher prices, they were unable to maintain sales volume resulting in insolvency.
As part of their efforts to continue operations, WSF Bicycle Technology GmbH has implemented cost-saving measures such as reducing their workforce from 49 employees to 15 employees.
Discussions with potential investors are underway regarding a restructuring plan that offers creditors 20% of their claims.
WSF Bicycle Technology GmbH is optimistic about a market recovery and potential new orders from existing and new customers despite facing financial difficulties due to declining market volume and customer orders that resulted in insolvency.
