After Aus from Jako-o brand
Toy manufacturer Haba files for bankruptcy
September 12, 2023, 6:55 p.m
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With its wooden toys, the Franconian toy manufacturer Haba is considered a traditional company. But the corona crisis is leaving its mark. It wasn’t until August that the company announced that its own brand Jako-o would be discontinued, and now it has filed for bankruptcy.
The Upper Franconian toy manufacturer Haba Sales GmbH & Co. KG has filed an application for insolvency under self-administration at the Coburg district court. The company, based in Bad Rodach (Coburg district), announced that the court had ordered provisional self-administration. “The application for self-administration was anything but easy for us,” said managing director Mario Wilhelm. However, in the tense economic situation, it is the only way for the company to regain its former strength.
In contrast to regular insolvency proceedings, in self-administration there is no insolvency administrator, but rather a so-called administrator who accompanies and monitors the proceedings. According to Haba, this task is taken on by Tobias Sorg from the law firm dmp solutions. The management at Haba will remain in office. The company said it would continue business operations “as usual.”
Management team reorganized
The toy manufacturer only announced in August that the Jako-o brand would be discontinued. The Haba Familygroup is currently undergoing the largest restructuring in the company’s more than 85-year history, it said. The Upper Franconian toy manufacturer had previously reorganized its management team and announced large-scale job cuts. The company said in a statement that it had “strongly felt the impact of the difficult economic conditions as a result of the Covid pandemic”.
The company mainly sells wooden and textile toys. Puzzles, accessories and children’s books are also offered. The company also sold clothing, shoes, toys and furniture for children and babies under the Jako-o brand. According to Haba Familygroup, around 2,000 people work for it.