Worldbild GmbH & Co. KG, a key player in the German book trade and part of the Droege Group, has filed for insolvency, according to “WirtschaftsWoche”. The company, which includes brands such as teNeues and Jokers, recently reported revenues of around 500 million euros. However, external crises and competition from new Asian vendors have forced it to take this step.
The insolvency filing for Worldbild GmbH & Co. KG was made on Monday and exclusively affects this entity. Other brands and subsidiaries of the WB D2C Group, which account for about 80% of the group’s revenue, are not impacted.
Struggling Company Shifts Focus: Emphasis on E-Commerce and Cost Reduction
The insolvency stems from various challenges such as supply chain disruptions and rising costs. Additionally, competition from affordable Asian online retailers like Temu and Shein has exacerbated the situation. Despite the insolvency proceedings, a spokesperson for the Droege Group emphasized that operations will continue as usual for customers.
Along with the insolvency, there are changes in the group’s management. Christoph Honnefelder and Sami Sagur will lead the WB D2C Group, while Stefanie Penck has been appointed as the managing director of Worldbild GmbH & Co. KG. The company plans to focus on e-commerce and expand profitable categories to navigate through the current crisis.
