Ritzenhoff, known for the striking motifs on its glasses, now has to declare bankruptcy. To restructure, the Sauerland glass manufacturer seems to rely on the support of meat entrepreneur Robert Tönnies.
The company, based in Marsberg in the Hochsauerland region, has filed an application for insolvency proceedings under self-administration, which was approved by the Arnsberg District Court, as confirmed by a spokesperson on Friday. Various media outlets had reported on this earlier.
According to its own information, the company employs 430 female and male employees and recently achieved an annual turnover of around 60 million euros. No information was given regarding possible losses this year. Ritzenhoff justifies the measure with high energy and raw material costs, as well as the lasting effects of the coronavirus pandemic, which have significantly burdened the business environment and supply chains.
Before Covid-19, Ritzenhoff was still slightly profitable. In 2019, according to the Federal Gazette, the company reported a turnover of 67.4 million euros and a net profit of 0.26 million euros. Last year, revenues dropped to 45.6 million euros and a loss of 9.5 million euros was recorded.
Even in 2021, the deficit was 6.5 million euros with a turnover of 49.7 million euros.
The company emphasized that the insolvency proceedings under self-administration are part of a comprehensive strategy for long-term stabilization. The initiation of proceedings has no impact on ongoing business operations. Insolvency proceedings can relatively easily relieve companies of financial burdens in order to gain new economic opportunities.
The characteristic colorful motifs on Ritzenhoff glasses are a unique feature in the market. From wolves to deer and whales, monkeys, birds, and flowers - the decorations are versatile and appealingly designed.
According to company statements, meat entrepreneur Robert Tönnies is now expected to assist in the restructuring process. The co-shareholder of meat producer Tönnies and nephew of Clemens Tönnies, another co-owner, had invested in Ritzenhoff in the fall of 2023. This investment is now intended to support the recovery of the glass manufacturer.
