Pandemic-era company placed in insolvency
June 7, 2024
Formed in 2020 at the height of the COVID pandemic, IT Supplies Berlin e.K. has now entered insolvency.
IT Supplies Berlin e.K., a specialist printer supplies retailer established during the peak of the COVID-19 pandemic in 2020, has been placed into insolvency.
The Berlin-based firm, known for its toner, inks, printers, and computer accessories and also engaged in recycling and manufacturing toner products, is now navigating the insolvency process, highlighting the severe impact of the pandemic on new businesses.
In a recent posting by SCHUMANN Business Insights, retail insolvencies in Germany have seen a significant rise over the past year, reflecting the broader trend of increasing business insolvencies across various sectors. In 2023, Germany recorded a 22.4% increase in company insolvencies, reaching approximately 17,847 cases.
This increase was driven by several factors, including high energy costs, supply chain disruptions, geopolitical uncertainties, higher interest rates, and persistent inflation, all of which have strained the financial stability of many businesses?.
Categories : City News
Tags : Business Insolvency Pandemic Retail StartUp
