Eyewear specialist Wagner + Kühner restructures itself via insolvency proceedings
Founded in Bad Kreuznach (Germany) in 1945, Wagner + Kühner GmbH has been one of the largest suppliers of prescription frames and sunglasses in Germany for many years. With the licensed brands HEAD, MORE & MORE, s.Oliver, INVU and its own brands SUNfit4you, DEEJAYS, Emil K., Basic, BK EYEWEAR and UC EYEWEAR, Wagner + Kühner has established itself as a reliable partner for medium-sized opticians. On January 31, 2023, Wagner + Kühner GmbH filed for insolvency at the Bad Kreuznach district court due to inability to pay. Financial burdens are the main reason for the insolvency application; operations will continue in full.
Wagner + Kühner GmbH sells its innovative and modern collections of spectacle frames and sunglasses to specialist opticians throughout Germany, Europe and worldwide. Founded in Bad Kreuznach in 1945, the company has been one of the largest suppliers of spectacle frames and sunglasses for many years. Wagner + Kühner sells branded glasses under license as well as well-known own brands.
Insolvency benefit via the Federal Employment Agency
The wages and salaries of around 55 employees are secured until the end of March 2023 through insolvency benefits from the Federal Employment Agency. The employees were informed about the insolvency and the next steps by the management and the provisional insolvency administrator at a works meeting. In the meantime, the provisional insolvency administrator Jens Lieser is gaining an overview of the company, which is well-known in optician circles, and is sounding out the chances of restructuring. "With this proven business model, I see good opportunities for finding a future solution and an investor," says Lieser.
Business operations remain stable despite insolvency - all deliveries are being made
Despite the insolvency application, sales will continue unrestricted and in full. The current business between the company and its customers, the local opticians, is not affected. All orders are being delivered reliably and punctually as usual. Wagner + Kühner has a good, intact and functioning business model. However, it is now being caught up in the events of the past.
Reasons for filing for insolvency
The company had already begun restructuring in 2019 and set itself clear targets for the turnaround. The restructuring that began in 2019 became necessary as the company had previously built up high liabilities. The high financial liabilities now proved to be a boomerang.
High reluctance to buy since the war in Ukraine
This difficult situation had worsened considerably since the beginning of the coronavirus crisis and especially after the outbreak of the war in Ukraine. The reluctance to buy made itself felt everywhere in the retail sector - including among opticians - and consequently at Wagner + Kühner. Sales fell. The targets set could no longer be met. Now the insolvency, which is ultimately solely due to the high level of debt from the past, is to be eliminated through insolvency law and enable a new start.
