Kellermann: Insolvency proceedings opened under self-administration

3. July 2024

3 min read

The well-known Kellermann GmbH, a renowned manufacturer of high-tech turn signals for motorcycles, filed for insolvency under self-administration at Aachen Local Court on June 19, 2024. The company, which is particularly famous for its high-quality mini indicators, had to take this step due to various economic challenges.

Reasons for the insolvency

Kellermann attributes the financial difficulties mainly to the after-effects of the coronavirus pandemic, which resulted in a significant drop in sales. This situation was further exacerbated by the war in Ukraine, continued consumer restraint, increased inflation and the resulting higher energy and purchasing costs. A look at the annual financial statements for recent years shows that the company recorded a loss of EUR 715,548.1 (approx. USD 780,000) in 2020, a loss of EUR 883,401 (approx. USD 960,000) in 2021 and even a loss of EUR 1.247 million (approx. USD 1.36 million) in 2022.

Continuation of business operations

Despite the insolvency, the management team, consisting of Dr. Stefan Wöste and Ulrich Bos, will remain in office. Ulrich Bos, who has only been part of the management team since March 2024, emphasizes: “The most important message is that our business operations will continue without restriction and that we will continue to serve all our customers as usual.” The management is being supported in the restructuring by lawyer Markus Freitag from the law firm AndresPartner. As restructuring representative, Freitag is responsible for the planning and implementation of all necessary restructuring measures.

Lawyer Dr. Mark Boddenberg from the law firm Eckert Rechtsanwälte Steuerberater has been appointed as provisional administrator by the local court. His task is to monitor the management and protect the interests of the creditors.

Security for the employees

The 32 employees of Kellermann GmbH have been informed about the current situation and the next steps. Their wages and salaries are secured for the next three months by the insolvency substitute benefits from the employment agency. The company’s shareholders have pledged their support for the restructuring measures.

About Kellermann

Kellermann GmbH from Aachen, which is celebrating its 35th anniversary this year, is one of the market leaders in the field of motorcycle indicators. The company’s products, which are manufactured in the Printen city of Aachen, have cult status in the motorcycle scene and are known under the name “Kellermänner”. These indicators often set trends on the market with each new model and offer motorcyclists a wide range of options for individual conversions. Unfortunately, they are also frequently copied in the Far East, which poses additional challenges for the company.

The future of Kellermann GmbH now depends on the successful implementation of the restructuring measures. However, the management and shareholders are confident and determined to lead the company through this difficult phase and put it back on a successful course.

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