Vapiano files for bankruptcy

The Corona crisis continues to spread: the Vapiano restaurants remain closed. The company must file for bankruptcy. However, the impact on German franchisees is still unclear.

Cologne (dpa) - Because of the corona virus crisis, the already ailing restaurant chain Vapiano is filing an application to open insolvency proceedings at the Cologne District Court.

At the same time, it is being examined whether bankruptcy applications have to be made for subsidiaries of the Vapiano Group. The board of Vapiano SE had decided that, the company said in Cologne.

The company announced its bankruptcy on March 20, stating that the insolvency was due to the drastic drop in sales and earnings. At the same time, the company had made an "urgent appeal to the federal government to quickly implement economic aid in the Covid 19 crisis". The board hoped to be able to turn away the bankruptcy application offered within a period of three weeks.

Now Vapiano SE announced that no solution had been found for the liquidity requirements, which had recently increased significantly due to the Covid 19 crisis and totaled an additional approximately EUR 36.7 million. "In particular, it was not possible to reach a final agreement with the financing banks and key shareholders on the contributions to the desired comprehensive financing solution," CFO Lutz Scharpe wrote in the mandatory announcement for the stock exchanges. In the absence of an agreement on such a financing solution, the prospective funding from Covid 19 state support programs could not have been applied for.

All restaurants operated by Vapiano SE remained closed until further notice due to the Corona crisis, it was said. However, German and international franchisees are not directly affected by Vapiano SE's insolvency. Vapiano SE operates 230 restaurants worldwide, 55 in Germany.

Notice of bankruptcy filing