Loewe files for insolvency, plans entertainment platform shift

German TV manufacturer Loewe has filed for insolvency, as attempts to restructure the business and refocus itself as an “entertainment platform system provider.”

In a statement, Loewe said that the Coburg insolvency court yesterday approved the self-administration proceedings from Loewe’s management, but said that business “will remain fully operational beyond October 1, 2013.”

It said that a restructuring process, initiated by the executive board, will also continue and that the company’s banks and the Bavarian state government continue to support the firm’s restructuring.

“At the core of the change process at Loewe is the move from a TV manufacturer to an entertainment platform system provider. Besides specialised hardware knowledge, it is becoming increasingly important for Loewe to have greater software expertise to facilitate the management of its multimedia smart home-entertainment systems,” said Loewe.

“Moreover, the company will join forces with partners to start offering special premium content exclusively for Loewe customers, thereby underlining the strong benefits of Loewe systems.”

The firm has already partnered with Chinese company Hisense and recently launched joint sales and marketing activities with them in Austria, which Loewe said would be a test market for other European countries.