Tao Technical-Wear GmbH, a specialist in sustainable functional and leisure clothing, has filed for insolvency at the District Court of Nuremberg. Daniel Fábián was appointed as preliminary insolvency administrator by Fábián Rechtsanwälte in Nuremberg.
“Within the circle of shareholders there were different ideas about the extent of the expansion course, which ended at the end of 2021 in the breakup of shareholders and the resignation of a shareholder as managing director. The company then appointed an interim managing director, who felt compelled to file for insolvency at the end of July 2022 due to imminent insolvency,” the company explains in a statement. In the recent past, it has been able to significantly expand its presence in online trading, which, however, required considerable investments.
Tao Technical-Wear GmbH was originally founded in 1997 with the idea of producing rainwear for runners, but has established itself over the years as a performance specialist in the running sector and today offers functional, environmentally friendly, sustainable running clothing and leisurewear.
What’s next?
Operations will initially continue without restrictions and the past few weeks have been used to reach an agreement with the essential security creditors regarding the continuation of business operations beyond the date of the opening of insolvency, which is expected to take place on October 1st, 2022.
The company is currently looking for an investor who will take over the operation and inventory as part of a bidding process “ideally at the end of 2022/beginning of 2023 and maintain the location,” said Tao Technical-Wear GmbH in the press release.
The wages and salaries of the employees are secured by the insolvency money for three months from July to the end of September 2022. The Federal Employment Agency has already approved the insolvency money pre-financing initiated by Fábián.
“It is extremely fortunate that on the one hand key employees have known the company and the constant product development for around 20 years and on the other hand new employees are full of vigor and particularly committed with fresh ideas. A win-win constellation,” comments Fábián.