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Kynast Files (Again) for Insolvency

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QUAKENBRUCK, Germany (July 18) – Kynast has again filed for insolvency. Dr. Stephan Thiemann from Münster has been appointed as receiver. Currently 370 people are working at Kynast. According to the receiver, his first task is to secure the work for the people at Kynast. For many of them the second insolvency, after in 1999 […]

QUAKENBRUCK, Germany (July 18) – Kynast has again filed for insolvency. Dr. Stephan Thiemann from Münster has been appointed as receiver. Currently 370 people are working at Kynast.
According to the receiver, his first task is to secure the work for the people at Kynast. For many of them the second insolvency, after in 1999 the first one took place at the German bike maker, didn’t come as a complete surprise. According to a report in a local newspaper, many of the workers already got indications about financial troubles when trucks with bicycle components weren’t unloaded after arriving at the Kynast gates.
As said the first insolvency at Kynast took place in 1999. At that time the German bike maker had a workforce of 1,000 people. After the takeover by MBB Gelma, 434 jobs were saved. Information about another rescue operation was not yet available. (JO)

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