Berlin interior design start-up 99chairs announced strategic insolvency proceedings under its own management in April. Now the company is closing its operations after all. The reason: one of the investors unexpectedly pulled out one day before the agreement was due to be signed, and all the other investors followed.
As the deadline for insolvency under self-administration had expired, the management team behind 99chairs had no other choice but to clear their office and make all of their 40 employees redundant. Up until this point, the German Federal Employment Agency had paid their salaries, but from July founders Julian Riedelsheimer and Frank Stegert would have had to foot the salary bill themselves.
The fledgling company is currently being liquidated with the assistance of an insolvency administrator. But the company says that current customer projects will be completed and solutions will be found for them with existing partners.