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Warendorf Küchenfabrik GmbH has filed for insolvency. Following this, on 30 November 2022, the Local Court of Münster ordered provisional insolvency proceedings and appointed Mr Stefan Meyer from PLUTA Rechtsanwalts GmbH as provisional administrator.
Attorney Mr Meyer and his team are already on site with the company to gain a comprehensive overview of the kitchen manufacturer’s current situation. Together with management, the team will now hold discussions with customers and business partners. The company’s 100 or so employees have already been informed about the situation by the relevant people in charge. Their salaries are guaranteed for a period of three months thanks to specific substitute benefits provided under German insolvency law.
The first step will be to stabilise the business. After that, the long-term prospects for the company’s survival will be reviewed. PLUTA restructuring expert Mr Meyer said, “The business will continue operating. We will now analyse all existing orders as quickly as possible. Following an initial assessment, we will then contact customers to inform them about the next steps.” In the PLUTA restructuring team, Mr Stefan Meyer is being supported by attorneys Mr Christoph Chrobok and Dr Ria Brüninghoff.
Liquidity shortage due to difficulties in the Chinese market
The company has had to file for insolvency due to liquidity problems caused in particular by the economic situation in China at this time. The Chinese investor, who is also the company’s distributor in China, is facing major challenges in its domestic market. China’s ‘zero COVID’ policy is having a wide-ranging negative impact on the construction industry there, with serious effects for Warendorf’s project business too. A large order firmly committed to for November and December was postponed to some indefinite date in 2023. This led to a considerable drop in sales and, ultimately, a liquidity shortage. Given the effects of this difficult economic situation in China, the member and investor gave notice that it could no longer provide financing for Warendorf at this time.
This meant that the company had to file for insolvency. “This situation took me very much by surprise, especially considering how little time I have had at Warendorf yet, and the entire team too – all the more so as the way forward looks so promising and positive at this time. We have been able to increase year-on-year sales for the current year by around 20%, acquire ambitious new customers and develop a clear differentiation strategy. I firmly believe that Warendorf can become one of the most successful premium brands and I very much hope that we will find a solution for this situation,” said Mr Daniel Griehl, managing director of Warendorf Küchenfabrik GmbH, who showcased the Konzept 1 kitchen design at the company’s 2022 in-house exhibition. This kitchen concept was very well received by customers and partners and marks the first step in the company’s strategic product and brand repositioning, focused on the domestic market in Germany and an international dimension.
Warendorf Küchenfabrik GmbH achieved revenues of approximately 8 million euros in 2021. The company is a well-known manufacturer of custom-made kitchens in the premium segment. Its kitchens are manufactured exclusively in Germany, with custom designs leaving the factory under the ‘Warendorf – die Küche’ (English: the kitchen) brand. Apart from a ‘folding carcase’, which lends the units a high level of stability and ensures flexibility in design, other distinctive features include handcrafted lacquer and veneer finishes.