BERLIN, Dec. 15 (Xinhua) -- Beate Uhse AG, has filed for insolvency on Friday after failing to agree on a debt restructuring plan with its creditors.
Founded by famous female pilot and entrepreneur Beate Uhse, the namesake company opened the world's first ever sex-shop in Germany in 1946. In subsequent years, Beate Uhse expanded into one of Europe's largest erotica chains with a network of branches and a mail-order business. In 1999, the company became the first of its kind listed on a national stock market.
Beate Uhse's management stressed on Friday that only the holding company was being declared bankrupt while its subsidiaries based in Germany and the Netherlands would continue to operate without any impediments.
Beate Uhse's commercial woes have been widely-publicized in German media. Despite having an online presence, the company has been suffering from growing e-Commerce competition and was hence forced to close many of its branches.
The company has repeatedly delayed publication of its earnings figures for 2016 and recently downgraded its revenue and profit outlook again. The publication of its latest figures was last scheduled for Friday.
Germany's financial services watchdog BaFin has already threatened to fine Beate Uhse 220,000 euros (258,700 U.S. dollars) for falling foul of its obligations as a publicly-listed firm to inform its shareholders about the state of its financial health.
Beate Uhse currently employs 345 staff in seven countries, according to the company's management.
