German communications technology provider WISI Communications has initiated insolvency proceedings for restructuring under self-administration.
WISI cites the “current drastic slump in incoming orders, particularly in the area of network equipment for broadband networks” as the reason, adding that in previous years a lack of availability and a massive increase in the cost of electronic components as well as the loss of business with Russia, Ukraine and other Eastern European countries had already put a strain on the company’s assets.
The company’s around 260 employees in Germany are now facing a significant reduction in staff as part of the restructuring process. WISI did not provide any details, but stressed that business operations would continue in full.
The other companies of the WISI Group and their employees are not affected, according to a statement. The management is confident that the company, founded nearly 100 years ago, can be continued in the long term.
