Steidl Verlag Resolves Insolvency After Withholding Employee Salaries

German photobook publisher Steidl Verlag, known for works by Nan Goldin, Gordon Parks, Walker Evans, and Joseph Beuys, faced bankruptcy after insolvency proceedings were opened against it for allegedly withholding employee salaries and failing to make social security contributions. The company reportedly owed wages to numerous employees, some unpaid for up to six months, and had not paid a five-figure sum by its July 10 filing. Several lawsuits from staff were pending. The collecting agency Minijob-Zentrale initiated proceedings due to unpaid social security contributions. Founder Gerhard Steidl attributed the financial crisis to US tariffs causing a 50% drop in international sales. Court proceedings were closed on July 23 after Steidl settled its claims. However, the publisher lost rights to works by Günter Grass after the Günter and Ute Grass Foundation claimed them due to repeated payment defaults. Steidl expressed optimism, noting that twelve serious investors from Switzerland, the US, Singapore, and Korea have contacted the company.