Industry entrepreneur Jesper Nielsen was part of an unsuccessful bid to save stricken jewellery brand Endless Jewelry before it opened insolvency proceedings in the German courts last week, it emerged today.
Mr Nielsen, the former Pandora chief who quit Endless at the start of 2016 and subsequently launched a new venture called Amazing Jewelry, suggested in a post on social media that he was involved in efforts to rescue the brand after its financial plight became apparent.
“We did everything we could to buy the business back in the last three weeks but shareholders could not find a way to agree,” he wrote.
In the same post, he also stated that he’d left Endless with “so much potential” and noted that only 18 months ago the brand had 3,500 customers, 11 distributors and 300 employees in over 30 countries.
Mr Nielsen could not be reached for further clarification on his comments at the time of publication.
The German Insolvency Register shows that Endless began insolvency proceedings on Friday afternoon under the name ‘ENDLESS International GmbH’, with the business “legally represented” by managing director, Ulrik Rasch.
Klaus Siemon has been appointed as the ‘temporary insolvency administrator’ for the case, according to records. It is unclear what the next legal steps are, but documentation states that the insolvency administrator is authorised to collect bank deposits and other debts as well as oversee incoming funds.
Respected Danish financial paper, Borsen, reported that Endless was chucked a “lifeline” in the summer when the current owners invested Dkr15m (£1.7m) in the business, but it failed to halt its slide.
The paper also reported that management had taken efforts to streamline the business, including moving its Danish branch office from a large HQ in Brondby to a smaller set-up in Ballerup and withdrawing from a number of southern European markets in favour of local distribution.
It also speculated that as well as struggling to overcome difficult economic conditions, the company was impeded by a previous strategy of allowing dealers to return unsold jewellery free of charge. It said this approach became prohibitive when the quantity of stock it received turned out to be higher than it had anticipated.
Calls to Endless Jewelry’s headquarters in Germany were not being answered this morning.