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schlott gruppe: potential broschek investor withdraws from negotiations

Tuesday 12. April 2011 - Closure of both Hamburg-based companies unavoidable

Any hope of finding an investor for the two Hamburg-based broschek companies, broschek tiefdruck GmbH and broschek service GmbH, have been quashed. Having stepped forward as a potential investor at the end of March, just before the end of the deadline, the prospective buyer withdrew from negotiations on Friday. In view of this, the insolvency administrator has been left with no option but to discontinue operations in the form of a systematic closure.
“Personally, I deeply regret the fact that we have been unable to save the company and jobs”, said insolvency administrator Siegfried Beck, “but given the current situation, there is no alternative.” The insolvency administrators had informed staff in Hamburg about the latest developments at an on-site meeting convened for mid-Friday.
Upon commencement of insolvency proceedings on 1 April, the Hamburg-based broschek sites broschek tiefdruck GmbH and broschek service GmbH are again responsible for paying the wages of their workforce, comprising some 200 employees. However, as both companies have been operating with significant losses – ultimately leading to insolvency -, closure is considered unavoidable without the backing of an investor.
By contrast, negotiations with potential investors will continue in respect of the other entities within the schlott Group. Beck is expecting to receive binding offers in the coming days, which also includes the broschek site in Lübeck.