The Münster district court has opened standard insolvency proceedings against Gigaset AG. The telephone manufacturer filed for bankruptcy in September and says it is insolvent.
The Münster district court has opened standard insolvency proceedings over the assets of Gigaset AG, as the communications technology provider announced on its website. The telephone manufacturer filed for bankruptcy in September and says it is insolvent.
Unexpected decline in sales and weak demand
Gigaset AG cites an unexpected and significant decline in sales in the second half of 2023 as well as business development that was significantly below plan as the main reasons for the insolvency.
In addition, there is persistent and increasing weak demand for Gigaset products as well as purchasing reluctance in Germany and Europe.
Insolvency proceedings in individual responsibility
An application to open insolvency proceedings under self-administration had been filed for Gigaset Communications GmbH. According to the company, development, production and sales activities for DECT cordless telephones continued unchanged.
According to its own information, Gigaset is Europe’s market leader for DECT cordless telephones with around 850 employees. The business activities of the company with a 175-year history also included Android-based smartphones, cloud-based smart home offerings and business telephony solutions.