Germany’s Bosswerk has announced having entered insolvency proceedings
The court has appointed a restructuring specialist firm to carry out the process
The management blames low prices for the drop in sales for its online platform GreenAkku
Bosswerk, a German solar and storage systems provider, has entered insolvency proceedings citing a drop in sales due to the significant drop in prices for solar PV components.
Operating an online shop called GreenAkku to supply PV systems since 2010, Bosswerk counts to have sold around half a million solar systems. However, the business has been impacted by the ‘turbulence’ in the solar market, that’s also ‘affecting large companies.’
“The insolvency application is due to a drop in sales, which can be traced back to the enormous drop in prices for solar technology. Measures to increase efficiency could not be implemented quickly enough and initially not with the necessary consistency. This structural imbalance ultimately caused the established business operations of Bosswerk GmbH & Co. KG to get into trouble,” stated the company.
The Krefeld District Court has appointed Joachim C. Mohlitz as the company’s provisional insolvency administrator. Mohlitz represented the restructuring specialist law firm GÖRG.
Bosswerk said the business operations are now targeted to continue operating smoothly while efforts will be made to achieve sustainable financial stabilization. There are no jobs lost as yet since all 100 employees remain on board since their wages are guaranteed during the preliminary insolvency proceedings.
Bosswerk is yet another name in the German solar PV industry that has hit financial hurdles in recent times due to market conditions. Enersol from the sonnen Group was recently reported to shut down business due to a lack of sufficient demand in the solar and storage market. It was preceded by Solarwatt (see Yet Another German Solar Company Going Down).
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