( CNN ) -- Germany 's much-loved model train manufacturer , Maerklin , has filed for bankruptcy , leaving fans around the world wondering whether it 's the last stop for the company 's toy business . This Maerklin train has a video in the front so users get a driver 's view . Maerklin has been building toy trains for nearly 150 years and its railroads made their way into countries as far away as Australia and New Zealand . The company said it applied for insolvency proceedings Wednesday after talks to secure credit from banks broke down . Despite intensive negotiations , the commercial banks did not extend their lines of credit , Maerklin said . `` It is sad , '' shopper Frank Steen , 39 , said at London 's famous Hamleys toy store . `` With fewer older brands around , all we 're left with is Japanese plastic . '' Although Maerklin generated a turnover of around $ 165 million in 2008 , it struggled to obtain a credit extension beyond January 31 , it said . Despite financial difficulties , the company still planned to set up its stall Thursday at the Nuremberg Toy Fair . Railway devotees will have plenty to look forward to after Maerklin boss Dietmar Mundil promised to bring 400 new products to the show .
Maerklin toy train firm files for bankruptcy . Company says it failed to secure extension of credit lines from banks . Maerklin generated a turnover of around $ 165 million in 2008 . Company still plans to attend this week 's Nuremberg Toy Fair .