Göttingen's Steidl Publishing House Enters Preliminary Insolvency

The esteemed Steidl publishing house, based in Göttingen, Germany, is grappling with severe financial challenges, leading to the initiation of preliminary insolvency proceedings. The Göttingen District Court confirmed that proceedings were opened last Friday concerning the assets of Steidl GmbH & Co. OHG. Braunschweig-based lawyer Stefan Liese has been appointed as the preliminary insolvency administrator.

According to Stefan Liese's office, the financial distress is partly attributed to unpaid social security contributions. The situation is further complicated by multiple ongoing lawsuits filed by employees. Sascha John, a Göttingen labor lawyer representing a majority of Steidl's staff, revealed that wages have been "considerably" unpaid or paid with significant delays. He noted that some employees are owed five to six months of salary, often necessitating enforcement actions to secure payments.

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in considerable measure money was not paid or was paid late

Founded in 1969 by Gerhard Steidl, the publishing house has a distinguished reputation, holding the world rights to the works of Nobel laureate Günter Grass since 1993. Its catalog also features photobooks from renowned contemporary photographers and artists, including Karl Lagerfeld. Despite its cultural significance, the publishing house is facing substantial net wage claims, estimated to be in the mid to high five-figure range, according to John, who has handled several dozen such cases.

Steidl himself was quoted by NDR as saying, "The times are very bad for the book industry." This sentiment reflects the broader challenges facing the publishing sector, exacerbated by the specific financial difficulties encountered by the Göttingen-based firm. The outcome of the insolvency proceedings will determine the future of this significant cultural institution.

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The times are very bad for the book industry.