The textile company Curt Bauer in Aue with around 100 employees is in financial difficulties. The manufacturer of table and bed linen, clothing damask and technical textiles has filed for insolvency, a spokeswoman for the Chemnitz district court said on Tuesday in response to an inquiry. The provisional administrator has been commissioned to draw up an expert opinion on the company's assets.
Business operations will continue in full and employees' wages and salaries are secured until at least the end of June, insolvency administrator Rüdiger Bauch announced. The aim is to restructure the company over the course of the summer. An investor is also being sought for this purpose.
The financial problems were attributed to the consequences of the coronavirus pandemic and the war in Ukraine. On the one hand, orders have declined due to the reluctance of many consumers to buy. On the other hand, costs for raw materials, input materials and energy had risen sharply, it said. The "Freie Presse" and Radio Erzgebirge had previously reported on the insolvency.
