Recaro Automotive, the most beloved brand in aftermarket performance seating, filed for bankruptcy in a German court on Monday.
While Recaro also manufactures aircraft and gaming seats, the filing only impacts the automotive division — which has bounced between numerous corporate owners since 2011. It was last sold four years ago to private-equity firm Raven Acquisitions. Recaro Automotive licenses its name from Recaro.
It’s not clear what this means for the future of the company. But if it goes under, it will be a great loss to the industry. Recaro Automotive not only manufactures quality performance seats, but supplies OEMs like Ford, Honda and BMW.
According to Autocar, employees at Recaro Automotive were surprised by the bankruptcy filing. Staff have reportedly been postponing and waiving pay for years to contribute to the company’s “economic stabilization.”
Sadly, the 215-person workforce is now expecting a mass layoff.