German erotic company Beate Uhse filed for insolvency. It struggled to keep its turnover under control in a digital world. Its stores will remain open for the time being.
The insolvency is only for Beate Uhse’s holding and has only been filed in order to enable a restructuring plan. It first tried to refinance a 30 million euro loan, but its debtors refused and that is why it has now decided to file for bankruptcy.
Beate Uhse is mostly known for its mail order company Pabo, which also has its own store network, but it also has an Adam & Eve store chain. All of these stores will still be open. It also used to own Chrstine Le Duc, but sold that chain to an Irish investment in August. It was also forced to shut down thirteen Christine Le Duc stores in 2016.
For the past few years, the German company had to deal with lower turnover and increased losses, mainly because of increased online competition. It has also forecast another onerous fiscal year.