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Volkswagen Largest Car Dealership Just Filed For Insolvency

Founded in 1986, Autohaus Wichert insolvency news is shocking.

The car dealership Wichert has applied to the district court in Hamburg for insolvency proceedings, as court spokesman Kai Wantzen confirmed on Tuesday. 

Wichert is the largest VW dealership in the north and employs 1400 people at 23 locations in and around Hamburg. Business operations are initially to be maintained.

There will be a “self-administration procedure”, which means that the management will continue to manage the company, together with a so-called “property manager”, a lawyer appointed by the district court. He will now check whether Autohaus Wichert GmbH is over-indebted and / or insolvent and what are the prospects for continuing operations. A creditors’ committee, in which, for example, bank representatives sit, is involved in drawing up a possible restructuring plan.

Could this news be related to the massive growth of electric vehicles, Tesla, and the fact that Volkswagen has a huge plan to transition from ICE to Full BEV ?. Please share your opinion with us in the comment section.

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