Loewe, the iconic German tv brand, founded in 1923, was saved in 2013 from bankruptcy by investors. One of these, RiverRock (UK), was not willing to foot the bill anymore. CEO Ralf Vogt says that production stops per July 1, to minimize operational costs. Most of the 400 employees will be fired. Only a small investment team will continue to sell stock and other assets to guarantee some return for creditors.
Loewe’s management had already concluded in a strategy update that production in Germany is far from cost-effective, and that only design, marketing & sales and R&D could stay in Germany. It’s unclear if there’s interest to restart the company again.
Looking at other TV brands, the long term trend has been to outsource manufacturing completely to Asian companies, or one step further: to license the brand to a third party manufacturer such as TPV Taiwan.
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