A well-known Bavarian manufacturer of fireplaces and stoves has unexpectedly filed for insolvency. The bankruptcy affects around 30 employees who are now facing an uncertain future.
Surprise insolvency shocks industry
The RAMFIRE Group, a renowned fireplace and stove manufacturer from Upper Palatinate, has unexpectedly filed for insolvency. The company, which operated beyond its regional boundaries, announced on its website that it had filed for bankruptcy on June 19, 2024. “Until August 30, 2024, we were in preliminary insolvency proceedings,” the statement reads.
New ownership and uncertain future
As of September 1, the company was sold to a new owner who will continue operations under a new legal entity. Currently, it is being determined which orders can still be fulfilled by the RAMFIRE Group’s acquirer. Insolvency administrator Jochen Zaremba confirmed these developments to the “Mittelbayerische Zeitung”.
The fireplace company, founded in 2016, claimed to be one of the “largest stove construction companies in Germany”. RAMFIRE operated its headquarters in Neumarkt and had additional locations in Bayreuth, Heinersreuth, as well as sales offices in Jena and Munich. Approximately 30 employees are now affected by the insolvency.
Zaremba explained that at the Neumarkt headquarters in Bavaria’s Upper Palatinate, “not much had been running operationally” for about a year. However, the locations in Upper Franconia, which Ramfire Kamine had acquired just over a year ago, were performing well, according to Zaremba.
Economic context
This insolvency filing is part of a worrying trend: the number of corporate bankruptcies in Germany has recently risen to a record level. The German economy is currently experiencing a prolonged slump. Although the gross domestic product grew by 0.2 percent in the first quarter, it was followed by a decline of 0.1 percent in the spring due to reduced investments in assets such as machinery and buildings.
