Horizn Studios, a Berlin-based smart luggage startup, announced on April 24, 2020, that it is entering a self-administered restructuring process due to severe financial pressure from the COVID-19 pandemic, which caused its revenue to drop by over 50%. As part of this effort, the company is laying off 25% of its approximately 60 employees, affecting about 15 people. The startup, which had raised around €25 million in funding, aims to secure new financing within three months to survive the crisis and eventually rebuild its brand.
