German adult products retailer Beate Uhse AG has filed for insolvency after it failed to secure financing from investors, Reuters reported Dec. 15.
The company, which employs 345 workers in seven countries, said the insolvency does not apply to subsidiaries and that its shops will remain open during the restructuring, the report said.
According to Reuters, CEO Michael Sprecht said in a statement that the company still is looking for creditors and potential investors, and the company is "taking a path that we are confident will allow us to restructure the group as a whole."
