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Star Car in Hamburg: Insolvency proceedings hit Cologne locations!
Hamburg-based Star Car GmbH files for bankruptcy. Provisional insolvency administrator ensures continued operations in Cologne, including Sülz.
Star Car in Hamburg: Insolvency proceedings hit Cologne locations!
Today, Cologne's car rental landscape is being turned upside down by the announcement of Star Car GmbH, a well-known provider from Hamburg. Again Cologne City Gazette reports, the company has filed for insolvency proceedings, which represents a challenging chapter not only for the management but also for the total of 615 full-time employees. The Hamburg District Court has already initiated the preliminary insolvency proceedings and appointed lawyer Christoph Morgen as the preliminary insolvency administrator.
Despite the difficult circumstances, customers can continue to rely on Star Car's rental car offers. Business operations remain active at all locations, including four branches in Cologne: Ehrenfeld, Sülz, Dellbrück and Porz as well as at Cologne/Bonn Airport. However, details about the exact reasons for the bankruptcy filing have not yet been published.
Consequences for employees
In order to secure the wages and salaries of employees during the insolvency, Mr. Morgen initiated pre-financing of insolvency funds. Such measures are not uncommon, because how Consumer Protection Forum explained further, they can help mitigate the economic impact on employees. The question arises as to what will happen to the workforce and whether there is any prospect of restructuring.
In the context of insolvency, it is striking that, according to analyzes by IWH, the greatest reductions in employment often occur in the year before bankruptcy. This could also be relevant for Star Car if further restructuring steps become necessary in the coming months.
A look at the market
Insolvency proceedings do not occur frequently in the car rental industry, but this represents an important aspect of market development. While large companies are often affected by such proceedings, this does not necessarily apply to smaller providers, which is why this insolvency makes even more headlines.
With continued operations at all locations, the company initially appears to be concerned with continuity. It remains to be seen how the situation will develop over the coming weeks and whether Star Car GmbH can restore the necessary stability. The Cologne public will be following the events closely to see what happens next with one of the city's well-known rental car providers.