One of the biggest E-commerce sellers for car parts in Germany registered for insolvency by 19.03.2020.
This comes very surprisingly as by end of 2019 it was reported that the Swiss Automotive Group (SAG) has acquired the majority of the shares of Autoteile Pöllath (ATP). Read also this post.
The press release is stating that the acquisition is canceled due to financing issues although the contracts were signed.
All business operations will continue and the insolvency trustee analyzed good conditions to overcome the situation.
The trustee is now searching for new potential investors. In times of the corona crisis, this might become more difficult than necessary.
ATP was established in 2002 and has become one of the biggest online players for selling car parts. ATP has reached its fast growth mainly through eBay where they are still one of the sellers with the highest number of ratings. Rumors in 2019 were stating that ATP got delivery issues due to an internal switch of the IT system.
Swiss Automotive Group announces in a press release on March 20, 2020:
The German online retailer Autoteile Pöllath (ATP) and the Swiss Automotive Group (SAG) signed an agreement on December 20, 2019 with the aim of carrying out a capital increase and working together under the leadership of SAG. With this capital increase planned for the end of February and the strategic potential from the cooperation, the ATP company would have been secured in the long term.
As can be seen from the announcement by lawyer V. Böhm, the provisionally appointed administrator, “the capital increase could not be carried out” for reasons for which SAG is not responsible. ATP therefore decided to carry out the necessary restructuring measures in a judicial restructuring process. The merger agreed on December 20, 2019 under the leadership of SAG is still our goal.
Thanks to the intensive preparatory work and the necessary official approvals already available, the collaboration can be implemented very quickly in the interests of employees, customers and suppliers. For this, SAG still needs the approval of the relevant decision-makers. SAG continues to support ATP even in these difficult times.