Traditional company Haba announces insolvency
13/9/2023
Translation: machine translated
Orchards, building blocks, fire brigade puzzles - everyone knows the popular Haba toys. The long-established company from Bad Rodach in Upper Franconia has filed for insolvency.
The family-run company Haba, primarily known for its high-quality and sustainable wooden toys, has filed for insolvency under its own responsibility. This was announced by the 85-year-old family business on its homepage. This form of insolvency means that the management remains in office. However, they are usually supported by an external reorganisation specialist and monitored by a court employee. Insolvency proceedings under the company's own responsibility are a special regulation of the legislator: depending on the economic situation, the aim is to enable the management to reorganise the company and, in the best case, save it.
"The application for self-administration was anything but easy for us," says Managing Director Mario Wilhelm in the press release. However, in the tense economic situation, this step is the only way to regain our former strength. For the time being, business will continue as usual.
The company has been in crisis for a long time
In addition to wooden toys, Haba also produces furniture and fashion, among other things. Back in July, Haba announced massive job cuts, followed a month later by the next piece of bad news: production of the popular children's clothing brand Jako-o will be discontinued in January 2024. The reason for the weakness was apparently repeated problems with the company's own IT: failed online orders had annoyed customers in droves and led to a slump in sales. Increased material costs and complications in the supply chains had exacerbated the crisis.
What does the insolvency filing mean for you now? It is to be hoped that Haba will soon be back in the black as a result of the proceedings. For now, you can continue to order the popular toys from us and perhaps make a small article. Did you know that in addition to the classic orchard game, Haba children's tableware is also a real bestseller with us?
Cover photo: Anne Fischer
A true local journalist with a secret soft spot for German pop music. Mum of two boys, a dog and about 400 toy cars in all shapes and colours. I always enjoy travelling, reading and go to concerts, too.
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