German TV and home entertainment devices maker Loewe declared insolvency Tuesday after filing for bankruptcy protection in July. The development comes after rumors of a possible buyout through Apple didn’t materialize. Loewe management is still talking to a handful of possible investors, it said.
Loewe is known for high-end TV sets with great industrial design. The company was founded in Berlin in 1923, and now employs around 1,000 people, who produce TV sets and speaker systems. Rumors that Apple was interested in buying Loewe first materialized in mid-2012, with the reasoning being that Loewe could power the production of an Apple TV set. However, Loewe management denied any such plans back in 2012, and again earlier this year when rumors about such a buyout resurfaced.
Loewe said in a statement posted to its website Tuesday that it is now talking to five potential investors that want to support a repositioning of the company, which plans to move away from just making TV sets towards a focus on smart home solutions. In addition, Loewe is talking to content providers to make some content exclusively available to owners of its products.