NUREMBERG, FDR—Sahco Hesslein, the small German editeur based here has filed for insolvency as of February 8, just two weeks after another German editeur, Nya Nordiska found itself in similar financial straits.
“It’s not Germany but the global textile situation,” one veteran textile source explains about the two insolvencies. “Consumer habits, tastes changed and less fabrics are used in homes,” he feels. “Also, there are just a few big players who can manage to cope with the sourcing problems in production and competition from China. First we saw the disappearance of the general textile industry in the face of Chinese competition and now we see the departure of the editeurs from the market.”
Sahco Hesslein Managing Director Christoph Häussler says “we are taking this step at an early stage where the company is not indebted and has good liquidity. Since we have an export share of 80 percent we see there is an economic weakness in many countries in Europe. There is also a decline in trade in Germany.
“The Sahco business will remain unchanged,” explains the provisional insolvency administrator Dr. Harald Vens Schwartz. The 80 employees at the company headquarters in Nuremberg and 20 more in foreign subsidiaries will continue to be employed. “We will do everything we can in order to make the company competitive again the Nuremberg lawyer says. Sahco was founded in 1831
Since 2000, JAB (Josef Anstoetz of Bielefeld) has taken a minority position in Sahco Hesslein by purchasing shares of the former partner Hans-Herbert Stadt as managing partner in 1996.
It is not known at this time how JAB will fare in the proceedings.