Grundig files for insolvency

The Nuremberg-based German electronics company, Grundig http://www.grundig.de , has lost its battle to save itself from financial ruin. "We've had to file for insolvency," said Grundig's Chief of Finances to Reuters today after potential Turkish investor Beko Electronics finally withdrew its takeover bid last week, thus cutting off Grundig's final hope. "The risks presented by the current economic climate played a major part in the investor's decision," a Grundig spokesman said.