World-famous producer of wheels BBS is filing for bankruptcy, according to Frankfurter Allgemeine Zeitung's FAZ.net website. This brand has been seen on Volkswagens to F1 racers but apparently, it has been in some financial troubles.
Actually, the German wheel manufacturer filed for bankruptcy on December 30, surprising its employees and its corporate partner IG Metall, whose CEO told FAZ right before Christmas that he planned a multi-million dollar investment in the firm.
A court spokesman made the announcement of the bankruptcy filing. Attorney Thomas Oberle has been appointed as a liquidator for the company.
The company didn’t give specific reasons for this decision. It has also not revealed what it plans for the 436 employees working for BBS and IG Metall.
In 2007, the company filed for bankruptcy and since then, it has faced financial difficulties. What’s definite is that BBS will sell the production facilities at Herbolzheim, which has about 150 workers, to the Swiss bike manufacturer Ronal AG.
Once this sale is completed, BBS would reportedly withdraw from the mass market, which makes up 65% of its total sales.