German design television maker Loewe quits and files for bankruptcy. The company no longer receives money and must stop its production.
The well-known design television brand Loewe stops its production. The company says it no longer has the means to continue its production.
Loewe and RiverRock
In a statement to the German ‘Die Zeit’, Loewe said that it cannot go any further. According to the company, banks are no longer willing to grant new loans to the brand. In this way, employees cannot be paid and nothing can be produced and developed.
Ralf Vogt, director of Loewe, also says that the activities will stop from 1 July. For example, 400 permanent employees will end up on the street. However, a small team of 15 people will remain active to complete the last financial processes.
According to Die Zeit, the British investor RiverRock is partly responsible for the company’s bankruptcy. RiverRock would have stopped granting money after it had provided tens of millions of euros to the TV maker not so long ago. Apart from that, the future plan of the television producer would not have been feasible in Germany anyway.
Well known brand
Everyone probably knows the television brand. The televisions were distinguished from the rest by their special design with a nice price tag. The brand has been around since 1923 and is therefore one of the founders of the current TV. In its series, the brand included OLED TVs with LG panels.
Reportedly, the company also filed for bankruptcy in 2013, but it would have been saved at the last minute by investors (read: real fans) of the brand.