The future of Höfner, one of guitar and bass’s oldest brands, famous for Paul McCartney’s 500/1 bass guitar, is under threat after it filed for bankruptcy protection.
The Furth Local Court, in Bavaria, announced the provisional insolvency on 10 December, appointing a provisional administrator, Dr Hubert Ampfer, to secure the company’s assets.
These proceedings do not affect day-to-day trading. Höfner is still in business, and continues to make and sell instruments, employ its staff and purchase materials and services from its suppliers.
But it is not a good sign, pointing to financial distress, and the need for legal procedures to safeguard its creditors’ assets.
Although there is not a great amount of detail…