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At the end of June 2000 Grundig relocated its headquarters in Fürth to Nuremberg-Langwasser. The company had a turnover of €1.281 billion the following year. In autumn 2002, Grundig's banks did not extend the company's lines of credit, leaving the company with an April 2003 deadline to announce insolvency. Grundig AG declared bankruptcy in 2003.
In 2004, Arçelik acquired German TV and home appliance maker Grundig in a partnership with Alba plc. In 2007, Arçelik became the sole-owner of the Grundig Multimedia B.V. and its eponymous brand. [17] [18] To increase brand recognition, Beko became the sponsor of Watford F.C. during the 2007-2008 and the 2008–2009 seasons.
The company's name is a combination of the first two letters of the founders' surnames, Bejerano and Koç. In 2004, Beko Elektronik purchased the German electronics company Grundig and by January 2005, Beko and its rival, Turkish electronics and white goods brand Vestel , accounted for more than half of all TV sets manufactured in Europe.
In 1930, Grundig and a colleague opened a store selling radios under the name Fürth, Grundig & Wurzer (RVF), generating one million Reichsmark in sales by 1938. After World War II, business expanded with a successful range of consumer electronics. In 1972, the company became a corporation and was sold to Philips in 1984.
The company generates revenue through sales from company-operated restaurants and rental income from franchised restaurants. The rental income is structured as either a flat fee or a percentage of sales, depending on which is higher. As of June 30, 2024, Arcos Dorados employs more than 100,000 individuals across its operations. [4]
Hans Grundig (1901–1958), German painter and graphic artist Lea Grundig (1906–1977), German painter and Graphic artist Max Grundig (1908–1989), founder of electronics company Grundig
In July 2016, the company raised $21 million in a funding round led by Insight Partners. [3] [7] In February 2017, the company announced plans to open a meal distribution center in Savage, Maryland and the creation of 500 jobs. [8] In June 2017, the company raised $77 million in a funding round led by Nestlé. [9] [10]
The company launched its first products on Mother's Day in 2006 – a line of organic, fresh-frozen baby meals sold through a New York grocery store chain. [4] By 2010, Happy Family grew to more than $13 million in sales and was ranked 68th in Inc. Magazine's list of fastest-growing companies, with three-year growth of over 3,000%. [4]