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Maxdata hits the wall

by Stuart Wilson, Thursday 3 July 2008

European hardware player Maxdata AG has hit the wall and filed for insolvency proceedings in Germany. The company hit some serious cash flow problems and the management board decided to step in because, “pending illiquidity puts continued business operations at risk,” according to a statement on the vendor’s website.

Maxdata AG has also applied to open insolvency proceedings for all its subsidiaries, with the exception of its sales subsidiaries in Switzerland and the Netherlands.

The statement on Maxdata’s website continued: “The high pressure of the competition and the immense fall in prices in the IT industry have affected Maxdata for some years. In consequence, the company has suffered a heavy decline in turnover und results.”

“In spite of a restructuring programme launched in 2006 the turnaround could neither be achieved in the 2007 business year nor in the first half of 2008.The management board now aims at continuing business with the support of the insolvency administrator, securing as many jobs as possible and retaining the two brands Maxdata and Belinea,” the statement concluded.

Maxdata posed operating losses of €10.9m on sales of €102.3m for the first quarter of 2008. The company’s sales had declined year-on-year and operating losses had climbed significantly. The company blamed the poor results on an intense price war coupled with weak market conditions in the monitor segment. Server system sales fell 9.1% year-on-year with sales of flat screen monitors down 11%.

Despite its financial problems, Maxdata had continued to look to expand and develop its channels to market in the EMEA theatre. Click here for a recent interview with Andreas Schoenbauer, sales manager CEE and MEA at Maxdata, at DCC CIS in Moscow.

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