Founded 77 years ago, German electronics giant Astro Strobel has gone bankrupt

The long-standing German electronics manufacturer Astro Strobel has filed for bankruptcy. The company Astro Strobel from Bensberg near Bergisch-Gladbach announced on its website that the Cologne regional court had made a corresponding decision on July 10. “The initiation of bankruptcy proceedings is an important moment for our company, but I am confident that we will emerge stronger,” wrote Managing Director Herbert Strobel on the company’s website.

WAGES OF EMPLOYEES WILL BE PAID WITH BANKRUPTCY AID

Insolvency administrator Thomas Ellrich sees good chances for restructuring and said, “The basic prerequisites for this are in place. The business is basically healthy and the company’s customers and suppliers continue to place orders and deliveries.” Business operations will continue for the time being and the wages of 115 employees will be paid through insolvency benefits from the Federal Employment Agency.

The Bensberg-based electronics manufacturer has been supplying retailers, commercial companies and system providers with electronic devices and system solutions, particularly for cable TV, satellite reception and IPTV technology, for 77 years. According to the company, it was initially under pressure due to supply chain problems triggered by the coronavirus pandemic and then the war in Ukraine. The cancellation of a large order later led to the current difficulties.

THE COMPANY IS LOOKING FOR NEW INVESTORS

“The liquidity situation could no longer be resolved outside of court,” said Strobel. A local court hearing was therefore inevitable. The company is now looking for investors and has held its first meetings. The company was founded in 1947 by Adolf Strobel, the grandfather of the current CEO.