December 15, 2017 / 11:09 AM / in 4 months

German sex shop chain Beate Uhse files for insolvency

FRANKFURT (Reuters) - German sex shop group Beate Uhse has filed for insolvency after failing to secure financing from a group of investors.

FILE PHOTO: Beate Rotermund-Uhse (C), founder of Europe's largest sex merchandise firm, poses with two models in front of a large mock-up of a share certificate in Frankfurt, Germany, May 19, 1999. REUTERS/Kai Pfafenbach/File Photo

The company, started in 1946 by a former female pilot with the same name, said on Friday the insolvency did not apply to its subsidiaries, which means its shops will remain open as it tries to restructure.

“We are taking a path that we are confident will allow us to restructure the group as a whole,” Chief Executive Michael Specht said in a statement, which added the company would continue talks with creditors and potential new investors.

FILE PHOTO: Beate Rotermund-Uhse, 79-year-old founder of erotic mail order company Beate Uhse based in the northern German city of Flensburg, displays an oversized Beate Uhse share in Hamburg, Germany, March 10, 1999. REUTERS/Peter Mueller/File Photo

Beate Uhse set up her first store in the northern German city of Flensburg in 1962, which she called Institut fuer Ehehygiene, or Institute for Marital Hygiene, and grew the firm to be at one stage the world’s largest sex retailer by revenue.

The company currently has around 345 employees in seven countries.

Reporting by Maria Sheahan; Editing by Mark Potter

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