German Luxury TV manufacturer, Loewe will cease operations today, July 1, 2019 due to insufficient funds for the business. The news came in from Spiegel Online last week after the company announced the closure to its 400 employees. Although it probably could have survived another six months or so according to Telecommpaper, Loewe decided not to trudge on any longer than necessary.
"For reasons of insolvency law, we are therefore obligated to protect our creditors to provisionally suspend operations on July 1, 2019 with the least possible cost burden," said Loewe managing director Ralf Vogt.
The original German statement was reworked into English for What Hi-Fi stating: