Schimmel is looking to the future with optimism after a successful restructure and plans for a new model rollout and premium product strategy this year.
A recent press release direct from Germany states that 'Schimmel pianos is safe and looks ahead optimistically with all jobs being preserved.' This is an amazing feat during the global financial crisis that for a while threatened the company's stability. However in the tradition of its founder, Wilhelm Schimmel who started Schimmel Pianos in Germany in 1885, the fourth generation-run company has bounced back stronger than ever.
Schimmel had filed for insolvency in 2009, but fortunately due to the German Federal Government reforming their insolvency laws they were able to continue to operate and have successfully completed financial reorganisation proceedings. According to the German Minister of Justice, Sabine Leutheusser-Schnarrenberger, 'Just two percent of all insolvent companies make use of financial restructuring under use of the Chapter11 status'. Schimmel stands as an example to many other companies. Thanks to creditors' confidence in the business and further investment
from business partners and the family, Schimmel's' German production site has been secured and all staff have been provided with a job guarantee. New design features will be revealed in the new model launch soon.
Wilhelm Schimmel's motto was ‘Quality will prevail’. The Schimmel family have certainly proven critics wrong and shown they can overcome adversity by thriving for 125 years. It continues as the largest German family-run manufacturer of grand and upright
pianos in the world. Exclusively available in Sydney at Hutchings Pianos.
Thursday, May 27, 2010
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