Reifen Schwarz in deep water

The company, based in the South of Germany and founded in 1924, has 50 outlets, of which are 4 in Austria and 2 in the Czech Republic, and makes a turnover of more than 100 million Euro with 500 staff. Due to the ongoing poor business situation there have been rumours in the market that Schwarz would sell to Bridgestone, as an emergency measure. Now the management was forced to admit during a meeting of creditors that Bridgestone has surprisingly withdrawn. It is said that the expectation of the Schwarz Family regarding a goodwill payment was far too high. Schwarz might possibly apply for insolvency early next week. Suppliers such as Dunlop, Pirelli and Bridgestone have already collected the remaining tyres which Schwarz had in stock. This magazine’s information is that there will be a meeting on Tuesday next week with creditors. In the meantime, it is said that the Schwarz family will establish a rescue company.