LOEWE GOES BUST
Trying to compete with Far Eastern TV manufacturers has proven too difficult for German luxury TV brand Loewe which will cease operations July 1st 2019.
In Australia, Loewe has struggled to gain traction in recent years after leading Australian distributor QualiFi dropped the brand in 2017. Melbourne based Indi Imports took over the distribution rights at that time.
It has been widely speculated that warranty-issues had plagued the brand, along with the high cost of servicing and access to spare parts.
According to a Telecompaper report, “The company does not have the financial means to continue to function and the creditors did not want to concede another loan.”
It's not the first time Loewe has run into financial difficulties. The company filed for bankruptcy in 2013, but an 11th-hour deal saw the brand saved by Munich-based Stargate Capital.
Hopes for a saviour this time around might be more challenging as holding company RiverRock, who was reported to have provided previous loans to Loewe, recently denied a nine million euros loan that it required to continue trading.
Consumers now have access to equally impressive technology-packed TVs from Far Eastern manufacturers at fractions of the price of Loewe. It could be a case of too little, too late for the 96-year-old Loewe brand, which is a shame as they did make stunning televisions.
StereoNET’s Founder and Publisher, born in UK and raised on British Hi-Fi before moving to Australia where he worked as an Engineer in both the audio and mechanical fields.