German coachbuilder and convertible specialist Karmann has filed for insolvency.
Karmann makes roof systems, body structures and convertible top systems, and has recently worked on cars including the Audi A4 and Mercedes CLK convertibles.
The company said it was forced to make the move because it might not be able to meet pending financial obligations. An estimated 3470 workers are affected by the decision.
The company, which is known by the full name of Wilhelm Karmann GmbH, was founded in 1901. It is best known for the Karmann Ghia, a sports car marketed by Volkswagen from 1955.
Around 445,000 cars were sold until it was replaced by the VW Scirocco in 1974.