Germany’s storied model train maker Märklin said on Wednesday it had filed for insolvency after delighting fans of tiny railways for the past 150 years.
Based in Göppingen some 40 kilometres east of Stuttgart, Märklin said it hopes to continue operations while it undergoes restructuring.
“We hope to work with insolvency regulators to overhaul and re-establish our company with its long tradition and cult status according to German bankruptcy law,” Märklin executive Dietmar Mundil said.
The beleaguered toy train company employs 1,050 people – 650 in Germany around 400 in Hungary. Founded in 1859, the firm has belonged to British financial investor Kingsbridge Capital since 2006.
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