The toy company Haba has completed its insolvency proceedings under self-administration. Thanks to new orders, the traditional Upper Franconian company now wants to make a fresh start.
Wooden marble runs, a wooden train with a station and bridge or the “motor skills board” in which children should insert stars, triangles or squares into the openings provided. From the 1970s until the turn of the millennium, toys like this belonged in every well-stocked children’s room.
The traditional company Haba from Bad Rodach in Upper Franconia was omnipresent throughout Germany during this time. But then plastic toys became fashionable. Electronics found their way into children’s rooms. Anyone who still wanted wooden toys could find them for less money with the new competition from Asia.
Business at Haba was no longer as it used to be. Wooden toys were out. Today the company makes the majority of its sales with municipalities: Haba Familygroup also produces furniture for daycare centers and day care centers. After all, we are the market leader here. But that wasn’t enough.
Bankruptcy for a few months
In September 2023, the company pulled the ripcord and filed for insolvency under self-administration. This means that there was no insolvency administrator, but rather an administrator. He provided the company with advice.
The goal: rapid restructuring. Jobs were eliminated. The Eisleben location in Saxony-Anhalt was closed. It was not viable, it was said when the renovation concept was presented. In total, Haba cut 450 jobs. The company now has around 1,000 employees.
As a result, the bankruptcy was quickly overcome. After just five and a half months, the company can point to new orders from municipalities and is hoping for a fresh start. This should also happen through a change at the top of the company.
Renovation expert remains and should continue to advise
In addition to the shareholder family and the managing directors, there should be a steering committee as a supervisory body. The works council is now hoping for greater participation and more transparency. Employees say that a lot of knowledge and experience in the company has been lost as a result of the job cuts.
Haba no longer wants to do without the knowledge of the previous administrator. The restructuring expert should continue to provide advice to the management in the future. A decision that not many companies make after their bankruptcy ends.