If you are a regular reader of Venus Adult News this won’t come as a surprise: The German adult entertainment and sex toy giant Beate Uhse filed a petition for insolvency proceedings. The writings for this step were on the wall.
On Friday the 66-year-old company Beate Uhse AG had to file for bankruptcy protection. The group is active all over Europe. Earlier the company did postpone the publication of its annual report and did remove its CFO in June. The new CEO of the company Michael Specht hired a consultancy to thoroughly analyze the financial situation of Beate Uhse. Apparently, that didn’t lead to good news.
Throughout the year Beate Uhse tried to solve its problems. Aside from hiring the new leadership Beate Uhse also sold some of its subsidiaries like the Dutch Scala Playhouse and closed down several of its physical stores. Additionally, there were some layoffs and the legendary catalog’s print edition had been canceled. Beate Uhse postponed the publication of its annual report which had lead to hefty fines being imposed on the already struggling company. Beate Uhse also moved its headquarters. Sales in 2015 were 128 Million Euro, sales for 2016 are expected to be much lower. None of it signs of particular strength.
Yet Beate Uhse could not break free from its problems. The company that is listed on the stock exchange had to file for bankruptcy protection. A representative for the company said: »The CEO of Beate Uhse, Michael Specht, came to this decision in order to achieve the possibility to restructure the group in self-administration.« Business is expected to continue for all subsidiaries as the insolvency proceedings have only been filed for the holding company Beate Uhse AG. Michael Specht said: »We are confident that this will allow us to restructure the group as a whole.«
The only reason for this is a maybe worlds baddest management not the markets and the internet boom.
They could do all that erotic channels/online sales etc with the money they got when got public company …but there were no reason cause the money came for nothing anyway…
We have done more profit last 10 years in tiny Finish and Estonian markets than Beate Uhse in whole Europe..and we have even helped them up same time by buying our goods there.
Shame to read this article..and what happened..
How much this management burn cash after listing a company …with that money they could be the erotic amazon of today…
This is still possible with right guys..not with this management.
I could manage myself better this company …or lets say with a couple of assistants what they have done with the sky-high costs…and the result is now in the end bankruptcy protection..yes:)
Please if anybody reads this : Check do there are “crazy” deals between the biggest share holders and the BU which has resulted that money has flown to their pockets instead of other share holders and paybacks to creditors?
Especially a rent contract of Almere head quarters /warehouse? Rumours said that because of that the company couldn’t survive in any case.