Ritzenhoff AG, a company that has been producing drinking glasses for over 120 years, has filed for self-administered insolvency at the Arnsberg court. The traditional company from Sauerland is facing economic challenges that require extensive restructuring.
According to the company's statement, the insolvency process, which must be self-administered, will not affect ongoing operations. All activities, from production to logistics and distribution, will continue as usual. The financial security of the more than 400 employees will be maintained, as salaries and wages are covered by insolvency funds.
The decision for self-administration is necessary to ensure competition and guarantee long-term success, according to CEO Carsten Schumacher. In particular, the increased costs of energy and raw materials and the consequences of the coronavirus pandemic have affected the energy-intensive company. The restructuring is supported by entrepreneur Robert Tönnies.
Despite financial difficulties, Carsten Schumacher remains optimistic: "We are convinced that this process will strengthen our corporate structure and enable us to continue delivering high-quality 'Made in Germany'."
Ritzenhoff B.V. from Nieuwegein is a subsidiary of Ritzenhoff AG from Marsberg, Germany; a glass factory and supplier of related articles. The company is divided into several divisions that are closely intertwined.
More information:
Ritzenhoff AG
Sametwiesen 2
34431 Marsberg (Germany)
www.ritzenhoff.de
'Economic challenges require extensive restructuring'
