Reports have begun to surface that automotive seat supplier Recaro has filed for bankruptcy — much to the surprise of its 215 employees who are said to have been "waiving and postponing wages" for years in order to stabilize the company.
Following the filing by Recaro on July 29, the IG Metall trade union stated the future of its employees is currently uncertain, as is the fate of the company. At the time of writing, there is little information available regarding whether or not the company will be sold or dissolved.
Additional reports indicate that this financial state only affects Recaro Automotive, the department that produces OEM and aftermarket seating for car brands. Recaro's business in creating seating for aircraft as well as lifestyle applications, like office chairs and gaming seats, will continue as normal for the time being.
An official transparency statement on the matter is expected to be released soon.
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