Kettler goes bust
June 3, 2015
The iconic German manufacturer of sports and leisure equipment said Wednesday that the bankruptcy proceedings were necessary to save it from repossession by a bank.
The step would allow Kettler to "avoid uncoordinated acquisition by an investor and get the company back on track," it said in a statement.
A household name in Germany, Kettler was founded in the western town of Ense-Parsit in 1949 and achieved international acclaim with the introduction of the world's first aluminum bicycle in 1977.
It also produced at-home exercise equipment that became popular with many German families. Its stationary bicycle, the "Golf," was a ubiquitous fixture in many European homes in the '80s.
But perhaps Kettler's most famous device was the Kettcar, a small, four-wheeled cart for children with a steering wheel and pedals.
The company said Wednesday that business would continue as usual as it gets its bearings and comes up with a restructuring plan that must first be authorized by a local court.
cjc/uhe (dpa, Reuters)