Loewe Technologies GmbH is accelerating the restructuring of the company using a form of self-administration available under the German legal system.
This provides companies with a legal framework for re- organisation and restructure while allowing the business to continue to operate as normal. Full and independent corporate responsibility, including the restructure itself, remains in the hands of the current Loewe management team.
“Loewe’s business operations will continue without restrictions during the reorganisation,” emphasised Ralf Vogt, Loewe CEO. “We can execute all customer orders on schedule and will also settle our supplier liabilities arising during the process.”
The wages and salaries of the more than 500 employees are secured during the restructuring phase.
“Our strategy is beginning to show that we have turned a corner,” said Ralf Vogt. “But we have to acknowledge that we needed to implement at a faster pace than we had assumed at the beginning of the year. Nothing changes in the cornerstones of our future concept but due to the market weakness in the premium segment we now require the protection that self-administration affords to complete our restructure plan.”
Loewe’s plan includes a growing focus on international partnerships such as the well-established partnerships with the Chinese company Hisense, Korean display supplier LG Display and the recently announced extensive cooperation with the Japanese trading and technology company Toyoichi. Additional compatible product categories are under development that will be offered under the brand’s umbrella in Asia and Latin America, among other regions and in Europe a new modular home entertainment system will be presented for the first time at this year’s IFA in Berlin.