Periscope with insolvency proceedings

The regional court Paderborn has accepted the request of the company for self-administration during the restructuring process. The wages and salaries for the 330 employees are secure for the next three months. The company recently lost two major customers, which resulted in the need for resturcturing. In the industrial segment, one customer is now working with a supplier in Asia. An Automotive customer lost a contract and has consequently terminated production at Periscope.

© Periscope GmbH

The company will see a sales decline of 30 percent in the Industrial segment this year. "We are forced to adjust the costs to the lower revenues in order to operate competitively again. The recent restructuring measures, which have been adopted with a lot of commitment, have not yet led to the necessary savings that we need. We will have to put everything to the test again", Ollendiek continues. A major cost drivers are the personnel expenses, which are, according to an external report around 20 percent higher than those for the competition. An adaptation of the personnel structure is inevitable. "We will quickly start negotiations with the works council and staff representatives. I am convinced that we will constructively develop balanced solutions in dialogue with the representatives of the employees", said Heinrich Ollendiek.