German TV maker Loewe is bankrupt and will cease business operations on Monday July 1st, according to the company and German media.
Ceases operation after 96 years
Loewe was founded in Germany in 1923 - 96 years ago - and was, together with Grundig, Telefunken and Metz, known as one of several 'Made in Germany' TV brands.
Loewe is now officially bankrupt and will cease its business operations on Monday July 1st. This was confirmed by Loewe CEO to German media. The more than 400 employees have been guaranteed salary only until July 1st. It is unclear if Loewe will be able to pay next month's salaries.
In May 2019, Loewe confirmed that it was planning to undergo self-administrated insolvency proceedings for the second time since 2013. In 2013, the company was saved by an investor and it soon after launched a full line-up of TVs based on OLED technology to remain competitive in the high-end TV segment.
This time, Loewe has not been able to secure funding and its plans for self-administration insolvency proceedings are no longer feasible. Management will have to step aside and cease all control to an administrator who has already been appointed.
The bankruptcy comes after years of woes where Loewe has fought to survive in the competition against much larger and more agile TV makers from Asia. Loewe had launched a full line-up of high-end TVs based primarily on OLED technology, with unique designs and extensive tuner functionality. However, the company missed the boat on streaming services as it resisted bringing in a platform partner, opting instead to develop its own platform that ultimately lacked apps from most streaming providers.
Perhaps Loewe will live on as a diluted TV brand. Other German brands have already been reduced to cheap logos on the bezel of TVs developed and manufactured in Asia.
- Source: Westfälische Rundschau
