Production and sales should continue
Thorka GmbH Thorsten H. Krause, a manufacturer of school bags and backpacks, filed for insolvency at the Offenbach district court on June 21st. The district court appointed the Frankfurt lawyer Dr. Jan Markus Plathner from the law firm Brinkmann & Partner appointed as provisional insolvency administrator. With its traditional brand McNeill, Thorka produces school bags and backpacks that are sold through stationary retailers as well as in its own online shop and on various trading platforms. The application was made in order to take advantage of the opportunities offered by insolvency proceedings for restructuring. Business operations will continue without restriction at both the production facility in Eberswalde near Berlin and at the headquarters in Hainburg.
Effects of the corona pandemic Reason for filing for insolvency
According to managing director Klaus Götsch, the main reason for the insolvency application was primarily the diverse effects of the corona pandemic. Difficulties in material procurement as well as delays at suppliers led to reduced quantities in production, which was reflected in sales development. At the same time, due to the lockdown in retail, no goods could be delivered and sold for months.
Wages and salaries secured through insolvency money until the end of August
The wages and salaries of all employees are secured through the insolvency benefit from the Federal Employment Agency until the end of August 2021. The pre-financing of the insolvency money has already been applied for. The provisional insolvency administrator Dr. Jan Markus Plathner and the management informed employees about the insolvency and the next steps at works meetings in Hainburg and Eberswalde.
Business operations of the traditional brand should be retained
In the meantime, the provisional insolvency administrator is getting an initial overview of the company. “My primary goal is to stabilize the traditional company in order to preserve jobs and business operations, for which I also see opportunities,” says lawyer Plathner. “We have already started initial discussions with an investor in order to avoid negative effects on the brand and ongoing production to keep it as low as possible.”
The business model is fundamentally profitable because there is high demand for high-quality and sustainable school bags worldwide. According to its own information, McNeill is the only manufacturer of school bags still producing in Germany with the quality seal “Made in Germany”.
About Thorka
Thorka GmbH Thorsten H. Krause was founded in 1963 and has developed from the production of city bags in a garden shed in Offenbach into an internationally operating company that currently employs around 100 people, around 70 of them in production in Eberswalde. The company has always relied entirely on Germany as a production location. Thorka produces and sells various collections of school bags under the brand name McNeill. McNeill has been an internationally registered trademark since 1975.
