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VIENNA – Wiesmann, a niche manufacturer of handmade sports cars based in Dülmen, Germany, files for insolvency.

The auto maker, which employs about 110 workers, will continue its operations. Rolf Haferkamp will remain CEO.

“It is the goalof the management to successfully complete the restructuring and recapitalization of Wiesmann, which has already begun, short term together with strategic partners and investors,” the company says on its homepage.

Wiesmann was founded in 1988 by brothers Martin and Friedhelm Wiesmann. Its first car, a roadster called the Wiesmann MF3, was unveiled in 1991.

Production of Wiesmann cars started in 1993. More than 1,600 roadsters and GT cars have been sold.

The company describes itself as a manufacturer of puristic sports cars. Its logo is a gecko – because its cars “stick to the road like geckos stick to the wall,” Wiesmann says.

Employees spend about 350 hours building every Wiesmann sports car.

Wiesmann always has used BMW engines for its cars. While the MF3, which is not offered any more, was equipped with a 6-cyl. engine, all current models are powered by BMW’s 4.0L or 4.4L V-8 engines with 407 to 555 hp.

The company’s sales network includes dealerships in Europe, the Middle East and Asia.