Less than a year after Cartridge World Germany’s CEO resigned, the franchise has filed for bankruptcy. According to both The Recycler and insolvenzliste.com, which tracks insolvencies in Germany, Cartridge World Deutschland GmbH, filed for bankruptcy on September 1, 2017. According to the English translation of its website, Cartridge World Germany was established in 2005 and today operates 40 shops in 13 federal states.
Cartridge World Germany’s former CEO was Carsten Edelmeier. Mr. Edelmeier was also the former sales manager of OCP and the son of OCP founder Horst Edelmeier. In December 2016, Carsten Edelmeier left both Cartridge World Germany and OCP to become CEO of German company CR-Solutions International (CRS). CRS specializes in the collection and recycling of ink and toner cartridges.
Cartridge World has not issued a statement about the bankruptcy filing, but Steve Weedon, former global CEO of Cartridge World Global Holdings, told Actionable Intelligence in an email the news does not come as a surprise.
“CW Germany was a small group of franchisees run by Horst Edelmeier of OCP before he retired and then Carsten Edelmeier,” Mr. Weedon explained. “Five of the stores belonged to OCP themselves. The Master Franchise from Germany expired over two years ago and for some reason Carsten never took it up. CW left it hanging without a resolution although we had a plan to revamp and sell Germany to a new master. Then Horst sold his shares of OCP to existing shareholders and [did] not either sell or give them to Carsten. OCP is still making and distributing inks but nothing else. So it seems the cleanest way to move on for CW is to bankrupt CW Germany and start again with a new country master.”
Mr. Weedon was named global and North American CEO of Cartridge World in 2015, after Chinese OPC manufacturer Suzhou Goldengreen Technologies (SGT) acquired the franchise (see “Steve Weedon Named Global, North America CEO of Newly Acquired Cartridge World”). In October 2016, Mr. Weedon became CEO of PrintWorld, Cartridge World’s recently established mobile printing initiative. Rod Young is Cartridge World’s current global CEO, while Mark Pinner is Cartridge World North America’s CEO.
According to a report filed with the District Court of Bochum, in the federal state of North Rhine-Westphalia, an application for insolvency was received by the court June 26, 2017, and bankruptcy proceedings were initiated on September 1, 2017. Creditors have been instructed to contact the insolvency administrator in writing for all claims against Cartridge World Deutschland GmbH pending an audit scheduled for November 24, 2017.[/Delayed_Release] [/s2If]