Popcorn start-up files for insolvency

The Berlin start-up Wildcorn is apparently slipping into bankruptcy. The reason for this is the rise in food prices due to the war in Ukraine.

The popcorn manufacturer Wildcorn has apparently had to file for insolvency, as the WirtschaftsWoche reports. Founders Rejne Rittel, Max Lion Scherer and Tobias Enge have been offering popcorn in unusual flavors since 2016. They claim to be made from natural ingredients and without sugar. So far, supermarkets such as Aldi, DM, Rewe, Edeka and Metro stores have sold the products. Now the management is said to have filed for insolvency.

According to Wirtschaftswoche, the reason for this is the rise in food prices due to the war in Ukraine. "In particular, the cost of sunflower oil, which is used for the production of popcorn, has increased massively in recent months," provisional insolvency administrator Jesko Stark, partner at law firm GT Restructuring, is quoted as saying in the WirtschaftsWoche quoted. The costs for sunflower oil have risen due to expected shortfalls in Ukrainian production.

Wildcorn was apparently unable to push through any price increases with retailers. Negotiations with an important retail chain had failed. As a result, the management filed for insolvency. According to the insolvency administrator, the task now is to find a buyer or investor for the company.