The German bicycle manufacturer Prophete is insolvent. As reported by “Die Glocke”, the company submitted a corresponding application to the district court in Bielefeld last Wednesday. The subsidiary Cycle-Union is also affected. Attorney Manuel Sack from the law firm Brinkmann und Partner was appointed as the provisional insolvency administrator.
The exact reasons for the problems at Prophete are not yet known. This should now be analyzed in the coming weeks.
It is not yet clear whether operations will continue for the time being or whether they will have to be discontinued. The future of the 280 Prophete and 450 Cycle Union employees is also open.
Prophete is a family business that was founded more than 110 years ago. The bicycles from the lower and middle price segment are sold at Aldi and Lidl, among others. The company also owns brands such as Kreidler and VSF Fahrradmanufaktur.
The original for this article “German bicycle manufacturer Prophete is insolvent” comes from chip.de.