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Karmann declares bankruptcy in Germany

Posted Wednesday, Apr 8, 2009, 3:30 pm in Employee News

Independent contract carmaker and cabrio roof-top specialist Karmann filed for insolvency on Wednesday, becoming quite possibly the best known German automotive company to fall victim to the industry crisis, according to Reuters.

Karmann presented a restructuring plan in September 2008, but deteriorating finances made the Osnabrueck-based firm unable to pay for a wave of 2,240 layoffs, half of Karmann’s 4,460 German workers, the story said. The company, under contract, produced the Chrysler Crossfire for a number of years.

Most famous for the 1950s VW Beetle-based coupe dubbed the Karmann Ghia, the company also developed the retractable hardtop roof first introduced with the Mercedes-Benz SLK before the idea was later copied by competitors, finding widespread use in popular volume models like the Peugeot 207cc, the story said. (Reuters)
 
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