HABA eyes ‘complete new start’ as it files for bankruptcy

German toy and game firm HABA has filed an application for insolvency under self-administration at the Coburg district court.

In a statement, HABA has said ‘the self-administration means the chance for a complete new start after the economic turbulences of the past weeks and months.’

It was announced back in July that HABA was restructuring ‘to meet the challenges of the coming years.’

“The economic challenges have strongly affected us as a family-owned company in almost every aspect,” said Dr. Mario Wilhelm, Managing Director of the HABA FAMILYGROUP.

“We are currently realigning our course to respond as effectively as possible to these major challenges. Moreover, some decisions made in the past years have proven to be wrong in retrospect. We must admit that. We are now in the process of correcting them with the aim of making our company sustainable for the years ahead.”

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