Ritzenhoff, the renowned German manufacturer of drinking glasses and other glass products, filed for self-administered insolvency at the Arnsberg District Court on Thursday, as confirmed by a spokesperson for the court today. The company cited high energy and raw material costs, as well as the impacts of the COVID-19 pandemic, which have significantly burdened the business environment and supply chains, as reasons for the insolvency application.
According to Ritzenhoff, the self-administered insolvency process is "part of a comprehensive strategy for the long-term stabilization of the company." The company emphasized that the initiation of the process would not affect ongoing business operations. Within insolvency proceedings, companies can relatively easily rid themselves of financial burdens to regain economic prospects.
Ritzenhoff, located in Marsberg, North Rhine-Westphalia, employs 430 people. According to the Federal Gazette, the company incurred a deficit of around 6.5 million euros in 2021, with a turnover of around 50 million euros. In mid-November 2023, the former CEO Dr. Axel Drösser was unexpectedly replaced by Carsten Schumacher.