Jesper Nielsen, the former owner of Endless Jewelry, has described his “sadness” at seeing the brand file for insolvency less than a year after he walked away from the business.
Endless opened insolvency proceedings in a Dusseldorf court on Friday despite trying to initiate a turnaround of its business during recent months, including a capital injection of £1.7m from management over the summer.
Yesterday we revealed how Mr Nielsen had launched a bid to rescue Endless but failed to reach an agreement with shareholders.
Speaking to Professional Jeweller from Germany, Mr Nielsen expressed his sorrow at how the situation has turned out.
“I am really sad about it,” he said, “mostly because of the many people I worked with there — not just in the UK although my UK team was doing a sensational job for me there. I would never have thought this could have happened; it is a crazy development.”
Mr Nielsen founded Amazing Jewelry shortly after his exit from Endless in February, but he admits he still has regrets about his departure after helping to build sales channels in more than 40 countries. “My journey had not really started…we never got to the point where I could roll out the plans I had for Endless,” he said.
Asked what he thought went wrong at the business, Mr Nielsen suggested the company may have got complacent. “They thought that we were already there, even though I really tried to warn everybody that even though we look big and strong we were not there yet. There was still so much work to do on the collections, the pricing and with our teams and our customers.”
Klaus Siemon has now been appointed as ‘temporary insolvency administrator’ for Endless but it remains unclear what will happen to the business and its assets. Bankruptcy proceedings in Germany can be notoriously complicated affairs, so it could take months to sort out.
Calls to Endless’ head office in Germany were still not being answered today, although the company is still posting promotional material on its social media accounts.