German sex shop company filing for protection from creditors

MarketsAssociated Press

Germany-based sex shop chain Beate Uhse AG says its holding company is filing for bankruptcy restructuring after failing to raise financing from investors and restructure its debts.

A company statement said Friday that the filing would apply only to the holding and that the company's operating businesses would continue operations.

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CEO Michael Specht said in a statement that the company's goal was "to quickly and sustainably implement operational and financial restructuring" while under administration.

The company sells sex toys and lingerie in stores and online in several countries, also using the brand name Pabo in several places and the name Adam & Eve in France. The company was listed on the Frankfurt exchange in 1999.