Könitz Porzellan Files for Insolvency After 116 Years
Unterwellenborn, Germany – Könitz Porzellan, a German manufacturer of custom-printed mugs and drinkware with a history spanning 116 years, has filed for insolvency, the company confirmed Tuesday. The move comes after a French court awarded a former business partner a six-figure damage claim, triggering a subsequent asset freeze.
The bankruptcy filing was initiated to prevent funds from being transferred abroad, according to Geschäftsführer Turpin rosenthal. Despite appealing the French court’s initial ruling – which is not yet final – Könitz Porzellan found its accounts subject to a legal hold. The company, known for supplying merchandise to institutions like the Louvre Museum in paris, maintains a workforce of approximately 100 employees who continue operations normally, supported by advance insolvency benefits from the German employment agency.
Könitz Porzellan boasts a production capacity of 300,000 mugs per month and reported annual revenues of roughly €10 million. The company intends to repay the funds received from the employment agency. The future of the business hinges on the outcome of the ongoing legal challenge in France.