Companies with a hundred-year history are closing. Paper manufacturer ISHPaper (operating for 200 years), shipyard Meyer Werft (operating for 230 years, nationalized until 2027), engineering companies Illig (operating for more than 70 years) and Kolbus (operating for 250 years), construction company Gussek Haus (operating for 70 years), butcher shops Holzapfel Thüringer Fleisch und Wurstwaren (operating for 200 years), the Brauerei Bruch brewery (operating for 322 years) and Söhnstetter Hirschbrauerei (operating for 130 years) went bankrupt. Often, businessmen in such companies worked with minimal profitability, but now it has become very difficult for them.
The number of major bankruptcies increased by 41% in the first half of 2024. The number of bankruptcies is growing in all sectors: solar energy – Fellensiek Projektmanagement (builder of one of the largest solar parks Solarparken), automotive – Mürdter, BBS and Recaro, Fosen shipyard, clothing manufacturers – Scotch & Soda, Gerry Weber, Bodo Jagdberg. Employees of these companies will go for benefits.
For example, clothing brand Esprit will close all of its stores in Germany by the end of the year, with around 1,300 employees losing their jobs. Bankruptcies are linked to energy prices, raw materials and bureaucracy.
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