Kรถnitz Porzellan Files โfor Insolvency Afterโ 116 โขYears
Unterwellenborn, Germany – Kรถnitz Porzellan, a German manufacturerโ of custom-printedโ mugsโ and drinkware with a history spanningโ 116 years, has filed โขfor insolvency, the company confirmed Tuesday. The move comes after a French court awarded a former business partner a six-figure damage claim, triggering โa subsequent โasset freeze.
Theโ bankruptcy filing was initiated to preventโ fundsโ from being transferredโฃ abroad, according to Geschรคftsfรผhrer Turpin rosenthal. Despite appealing the French court’s โคinitial ruling – โคwhich is not yetโฃ final – Kรถnitz Porzellan found its accounts subject to a legal hold.โ The company, known for supplying merchandise to institutions like the Louvre โMuseum in paris, maintains a workforce โof approximately 100 employees who continue operations normally, โคsupported โby advanceโค insolvency benefits from the German employment agency.โ
Kรถnitz Porzellan boasts a production capacity of 300,000 mugs โฃper โขmonth and reported annual revenuesโ of โroughly โฌ10 million. The company intends toโฃ repay โthe funds received from the employment agency. โขThe future of the business hinges on โคthe outcome of the ongoing legal challenge in France.
