Home / Knowledge / News / Textiles / Mayer & Cie files for insolvency, to scale down capacity

Mayer & Cie files for insolvency, to scale down capacity

06
Oct '09
German circular knitting machine manufacturer, Mayer & Cie GmbH recently filed an insolvency petition in the local court of Hechingen, Germany. The reason put forward by the company was a drastic dip in orders for its machinery.

Mayer & Cie observed that orders for its textile machinery dipped by nearly 70 percent in spring 2008 and reduced working hours of the company, May 2008 onwards. Total sales in 2008, shrank by 32 percent, mainly due to a weak second half of the year.

In the period January- March 2009, it worked for just 2.5 days per week and in the second quarter, with better utilization of resources and an improved order backlog, the company increased its working days and operated on just, one day off in a week.

In that period, Mayer & Cie was of the opinion that, market conditions had bottomed out and it could operate profitably again, however, by August, trade had slowed, with new orders for September drastically below those received in previous months.

Against the backdrop of falling sales and additional difficulty, due to delay in shipments, the company said that, it is not in a position to meet its payment obligations anymore and therefore had to file for insolvency.

The company will try to restructure its process and scale down its production capacity, in reality with demand in the markets in current times. It has also informed that, this insolvency does not affect Mayer Industries in the USA and Mayer Braidtech in Germany.

In the concluding statement, the company said that, in consultation with the insolvency administrator, Mayer & Cie will continue to be in business and it would appreciate it if, their customers maintained business connections and continued to place orders with us.

Fibre2fashion News Desk - India


Must ReadView All

UK international trade secretary Liz Truss (left) and Japan’s foreign minister Motegi Toshimitsu signing the UK–Japan CEPA. Pic: Gov.UK

Textiles | On 23rd Oct 2020

UK, Japan sign economic partnership agreement

The UK and Japan today officially signed the Comprehensive Economic...

Pic: Shutterstock

Textiles | On 23rd Oct 2020

Design EPRs to back circularity in textile sector: EURATEX

Extended producer responsibility (EPR), which aims at ensuring...

Pic: Shutterstock

Retail | On 23rd Oct 2020

ABG & AR Holdings to grow Forever 21 in Latin America

Authentic Brands Group (ABG) and AR Holdings, a leading retail...

Interviews View All

Smita Murarka, Amanté

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Top executives, Textile industry

Top executives
Textile industry

It will take some time for the people to change their buying choices

Textile Industry, Head honchos

Textile Industry
Head honchos

Strike a balance between handmade in India and 'Make in India'

Rajat Jaipuria,

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Mukesh Bansal,

Mukesh Bansal

Vardhman is one of the largest integrated textile manufacturers of India...

Joachim Maier,

Joachim Maier

Switzerland-based Uster Technologies AG is the leading high technology...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Adriano Goldschmied, AG Jeans

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Vaanee Bhatia, Gritstones Clothing

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search