Ludwig Maul, a German company specializing in outdoor apparel, has filed for receivership in Munich, but the company's operations are said to be profitable and its business should continue without interruption.
Stephan Ammann from Pluta Rechtsanwalts in Munich, who was appointed as receiver by the bankruptcy court handling the case, said in a statement that the German company has favorable prospects. Pluta adds that the proceedings were caused by old financial liabilities, but the company's operations are profitable. Orders for the spring/summer range are to be delivered without impediments and the team is currently working on the next autumn/winter range.
The proceedings come while the company is expanding. Apart from Germany, its main markets are in Austria, Switzerland and Italy. A spokesman for the receiver said that the number of stores where its products are sold has doubled in the last four years to nearly 500 in those three countries. Pre-orders climbed by 12 percent this year and they are up by 5 percent for the spring/summer season.
Ludwig Maul still intends to exhibit at the next Ispo fair in Munich. Employing 33 people in Munich, the company was established in 1948 and for the last two decades it has been focusing on outdoor apparel. The company is managed by Tino Maul, the founder's youngest son and the company's present owner.