German retro-style sports carmaker Wiesmann filed for insolvency at the Muenster court in Germany on Aug. 14, 2013 and is looking for strategic partners and investors. Wiesmann said in a statement that operations its headquarters in Duelmen, Germany, will still continue. Wiesmann said that Rolf Haferkamp will still sit as its chief executive, leading efforts to restructure the financially troubled carmaker.
Wiesmann was established quarter of a century ago by brothers Martin and Friedhelm Wiesmann, who developed the first prototype in the cellar of their home. Wiesmann has a workforce of 110 people and has sold over 1,600 of its hand-crafted sports vehicles in Europe, the Middle East and Asia.
Stefan Bratzel, director of the Center of Automotive Management at the University of Applied Sciences in Bergisch Gladbach, Germany, told Bloomberg that it is difficult for niche companies to keep up with innovation and economies of scale in the auto industry.
Bratzel remarked that declining sales in Europe may have been the cause of the carmaker’s demise. He noted that usually a mix of declining sales and increasing production and design costs is what leads niche carmaker into insolvency." Wiesmann, the company said.