German Textile Giant Mayer & Cie. Declares Bankruptcy – 270 Jobs Lost
After 120 years of operation, Mayer & Cie., a world-renowned German manufacturer of circular knitting and braiding machines, has filed for bankruptcy, leaving almost all of its 270 employees without jobs.
The company, based in Baden-Württemberg, was long considered a global leader in its field, exporting advanced circular knitting machines worldwide. Despite its strong reputation, Mayer & Cie. struggled with declining sales and market pressures, leading to the recent layoffs.
Several factors contributed to the company’s decline. A global slump in textile machinery sales caused revenue to drop by 50 percent. Additionally, competition from subsidized Chinese suppliers, combined with U.S. tariffs, the trade war, the Ukraine conflict, and high inflation in key markets such as Turkey, severely affected the business.
Following the insolvency filing in September, the company searched for a buyer worldwide. Now, 32-year-old Chinese entrepreneur Xu Hongjie has acquired the entire circular knitting division, along with subsidiaries in the Czech Republic and China. The deal, confirmed by company spokeswoman Claudia Bitzer, was finalized this week.
The new owner plans to restart sales with a smaller, focused team and aims to rebuild Mayer & Cie. as a premium brand. By concentrating on high-end products, the investor hopes to restore the company’s former global success while maintaining production in Germany.