The story
The company was founded on June 1st, 1986 in Michelau, Bavaria, as a private business. The founder started designing and making the first stuffed animals at home. The first stuffed animals ever made were a turtle, a duck, a frog and a eagle.
In following years, the company transformed into a joint-stock company. It expanded its product line to include magnets, mugs, pillows school supplies, and more.
In May 2006, the founder and long-time CEO, Ottmar Pfaff, was arrested for charges of serious financial irregularities, including falsifying business records and fraud. In June 2007, a court sentenced Pfaff to six and a half years in prison for fraud and embezzlement.
The company filed for bankruptcy in the same year that Pfaff was arrested. In December of that year the firm was taken over by a fund controlled by the Strategic Value Partners Group. The company changed its legal base back from Aktiengesellschaft to Gesellschaft mit beschränkter Haftung.
From Wikipedia’s article on NICI AG, shared under CC BY-SA 4.0.5