Due to raw material and energy costs
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Düsseldorf toilet paper maker Huckle files for bankruptcy
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A sign stands in front of the toilet paper maker Hakle’s headquarters in Düsseldorf. Photo: DPA/Wolf Von Davitz
Düsseldorf Due to the sharp increase in raw material and energy costs, Düsseldorf-based sanitary paper manufacturer Haakle has become in need of restructuring. The company has filed for bankruptcy.
The company complained that “extremely inflated costs for material and energy purchases as well as transportation” could not be passed on to a sufficient extent to customers in the food retail and drugstore sectors. This was previously reported by the “Lebensmittel Zeitung”.
In insolvency proceedings, the business operations of the medium-sized company are to be continued in full. “Self-governance gives us the flexibility and speed we need to reorganize our business permanently,” said managing director Volker Jung. “We are confident that this restoration will succeed in this challenging energy crisis situation that can be described as historic.” It’s about preserving the place and its jobs.
Jung said the first step had been taken to stabilize the company. For the months of September and including November 2022, wages and salaries are secured by the bankruptcy allowance from the Federal Employment Agency. Important customers and partners of the company have already indicated their support.
During insolvency proceedings under self-administration, the management of the Hygiene Paper manufacturer, headed by Volker Jung, remains responsible for operating business. The local court appointed reorganization specialist Jan-Philip Hoss as temporary trustee for the managing director.
In the 2020 fiscal year, Hakal GmbH reported net income of approximately EUR 650,000 with sales of approximately EUR 80 million, according to annual financial statements published in the Federal Gazette.
Connor Beaumont is a contributor to CA News Ottawa, covering news, politics, business, technology, sport, entertainment, and lifestyle. He focuses on clear, accurate reporting and useful information that helps readers stay informed about current affairs and developments that shape their communities. His work highlights relevant stories, emerging trends, and important issues, presenting them in a balanced, accessible, and reader-friendly manner.
