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