Recaro Automotive, a renowned brand in the automotive industry, has officially declared bankruptcy, leaving 200 employees without jobs.
After a prolonged struggle to stay afloat, the German company has been forced to shut down following its insolvency filing.
Production at the Kirchheim/Teck factory has already come to a standstill, with no investors showing interest in rescuing the business.
The production of cabins has already stopped, confirmed a spokesperson for the insolvency administrator, according to Boosted.
Sadly, all remaining operations are set to cease completely by the end of the year.
Recaro Automotive has been a part of the automotive scene since 1906, but now, over a century later, the company will be fully liquidated before the year ends. This marks the end of an era for the brand.
Previously employing as many as 215 people, the company has already seen significant layoffs, with local reports indicating that 135 employees were let go before the recent developments. Now, according to the insolvency administrator, all remaining Recaro Automotive employees will lose their jobs as the company winds down.
Despite management’s efforts to save parts of the business, Recaro Automotive couldn’t overcome the challenges, leading to this unfortunate outcome for its workforce and legacy.
