A German office furniture manufacturer has filed for insolvency after 168 years in operation, placing more than 200 jobs at risk.
© Atit Phetmuangtong | Dreamstime
The Saxony-based company, OKA, submitted its application on 1 April, with a provisional administrator appointed to oversee restructuring efforts. Despite the financial difficulties, operations are continuing "without restriction" for the time being, with employee wages secured for three months.
The company's challenges are largely linked to delays and rising costs associated with the construction of a new production facility in Poland. The investment has strained finances, despite OKA's core business reportedly remaining profitable.
Management is now working with restructuring specialists to stabilise the business and address what it described as a "complex financing structure". Existing orders are expected to be fulfilled, with delivery schedules being reorganised.
Founded in 1858, OKA has long been recognised as a leading supplier of high-quality office furniture to businesses and public institutions. The insolvency process aims to reposition the company for long-term viability while exploring potential restructuring solutions.
Source: www.bild.de
