Adam Audio files for insolvency, declares intention to restructure
WORLD: German loudspeaker manufacturer Adam Audio has filed for insolvency, following industry rumours that the manufacturer was seeking new investment. Nevertheless, founder and CEO Klaus Heinz has declared to Pro Audio Asia that he is intending to restructure the company alongside an administrator.
In an official statement, Mr Heinz pointed to unsustainable growth as the key reason behind the company’s financial troubles. ‘Too fast a growth with too many products created a capital demand that we could not raise,’ he explained.
The founder added that the company is continuing in talks with potential investors but intimated that as of yet no firm decisions have been made. Nevertheless he remained determined, declaring, ‘we will stay where we are and work with the people we employ’.
Founded in 1999, Adam Audio is based in Berlin and represented in more than 60 countries worldwide including subsidiaries in the USA, UK and China.