Separation of financial burdens
Glass manufacturer Ritzenhoff files for bankruptcy
January 26, 2024, 6:25 p.m
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The traditional company Ritzenhoff is known for colorful, artfully decorated glasses. Now the glass producer has to file for bankruptcy in order to ensure its continued economic viability. The shareholder Robert Tönnies will also support the restructuring of the company.
The glass manufacturer Ritzenhoff has gotten into financial difficulties. The company submitted an application for insolvency proceedings under self-administration, which was approved, said a spokeswoman for the Arnsberg district court.
The company from Marsberg in Hochsauerland says it employs 430 people and its most recent annual turnover was around 60 million euros. There was no information about the loss in 2023. The company justified the move with high energy and raw material costs as well as the after-effects of the corona pandemic, which would have had a lasting impact on the business environment and supply chains.
Ritzenhoff’s glasses are usually decorated with different motifs.
(Photo: picture alliance / dpa)
Before Corona, Ritzenhoff was still slightly profitable: in 2019, according to the Federal Gazette, the company had sales of 67.4 million euros and an annual net profit of 0.26 million euros. In 2020, revenue fell to 45.6 million euros and a loss of 9.5 million euros was recorded. In 2021 the minus was 6.5 million on 49.7 million sales.
Easier separation of financial burdens
According to the company, the self-administered insolvency proceedings are “part of a comprehensive strategy for the long-term stabilization of the company.” The company emphasized that the initiation of the procedure had no impact on ongoing business processes. In insolvency proceedings, companies can easily get rid of legacy financial burdens in order to gain economic prospects again.
Ritzenhoff’s glasses are usually colorfully decorated, for example with wolves, deer, whales, monkeys, birds and flowers. This gives them a certain visually unique selling point on the market. According to the company, the restructuring will be supported by the entrepreneur Robert Tönnies, co-partner of the meat producer Tönnies and nephew of the co-owner Clemens Tönnies. According to the information, Robert Tönnies acquired a stake in Ritzenhoff in autumn 2023.