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Recently updated on October 29, 2023 at 08:04 am
It is a shock for the automotive industry to hear the news that the rim manufacturer has gone bankrupt again BBS. Despite the efforts of the main investor KW Automotive, who came on board in 2021, BBS now finds itself according to the report Car engine sports for the fourth time on the thin line of insolvency. BBS, a name that has been synonymous with quality and innovation in rim manufacturing since its founding in 1970, had to... September 29, 2023 start the bitter process of filing for insolvency again at the Rottweil District Court. The provisional insolvency administrator, lawyer Martin Mucha from Stuttgart, is now faced with the monumental task of designing a viable concept for BBS within three months or finding a buyer for the Schiltach-based company.
BBS bankruptcy 2023
The KW Automotive Group, under the leadership of the KW boss Klaus Wohlfahrt, had thrown in the proverbial lifeline in the summer of 2020 when BBS had to file for bankruptcy for the third time. The traditional company was supposed to be brought out of the crisis by realigning the business model, which envisaged a reduction in business with car manufacturers and a stronger focus on the aftermarket business. The concept "BBS2024“ also included investments in new manufacturing processes and the creation of flexible, competitive structures.
Energy costs and concept failure – a double whammy
But the high ones Energy prices and a strategy that did not bring the desired success led the company once again to the brink of the abyss. The insolvency not only affects the stakeholders, but also the 270 employees at the Schiltach location, whose wage costs are initially borne by the employment agency. And the bankruptcy once again casts a shadow over the history of BBS, whose name is made up of the initials of the founders and the place where it was founded: Baumgartner, Brand, Schiltach. With bankruptcies in 2007 and 2011, BBS was saved and continued by new investors.
Looking to the future
The clock is now ticking for lawyer Martin Mucha as the automotive industry looks to the next steps and the fate of one of the most respected wheel manufacturers in the world. The journey of BBS, from a company with about 500 employees before the last bankruptcy to the current level of 270 employees, is a reflective lens on the turbulence that even traditional companies in the dynamic automotive industry are exposed to. The KW Automotive Group, known as the market leader in the specialty chassis systems segment with production sites in the Netherlands and the USA, hoped to get BBS back on track through its worldwide distribution network of specialist dealers.
But despite all efforts, BBS's turnover in 2022 was around 50 million euros, and the renewed fall into bankruptcy shows that the challenges for BBS are not over. The BBS case is evidence of how even established names in the automotive industry can face seemingly insurmountable challenges. The coming months will be crucial to see if BBS can find a way to keep its doors open and continue its legacy in the world of rim production. We wish so!
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