As of: February 17, 2024, 6:01 p.m
By: Mark Stoffers
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Another traditional company has to file for bankruptcy.
Employees and branches in Germany are also affected by the bankruptcy.
Linz – Bad news from Austria: A well-known luxury company is insolvent.
The traditional company “Alphagold” Schmuck- und Uhrenvertriebs GmbH from Linz may be known to few people in Germany - in contrast to the insolvent confectionery retailer Arko, Hussel and Eilles.
In this country, the insolvent company, which is active in stationary retail selling and trading jewelry and watches, is particularly well known in Munich.
In Bavaria's state capital, the company from the luxury segment is represented with the “Le Clou” brand.
Well-known jeweler is insolvent: branches of the traditional company are also affected by bankruptcy in Germany
The 33-year-old traditional company operates a network of 32 branches in Austria and two stores in Germany.
In addition to “Le Clou”, this also includes the well-known brand “Juwelier Reiter”.
108 employees are affected by the bankruptcy - 101 of them in Austria and seven in Germany.
A popular traditional company has to file for bankruptcy.
Branches and employees in Germany are also affected by the bankruptcy.
(Symbolic image) © Felix Jason/IMAGO
While 400 employees would potentially be affected if a traditional company in Baden-Württemberg went bankrupt, in the case of the Austrian company 183 creditors now made claims because the company had assets of around 613,000 euros and was now faced with a mountain of debts of almost eight million euros.
One of the reasons for the bankruptcy of the well-known luxury company was the corona pandemic because the “corona lockdowns in the 2020 and 2021 peak seasons posed a major challenge,” as
today.at
reported.
The “non-systemically relevant” retail trade and thus also the trade in watches and jewelry have apparently suffered greatly as a result.
Luxury company from Austria is insolvent: changing conditions in retail as a reason for bankruptcy
Another reason for the bankruptcy of the luxury company from Austria: “From 2015 onwards, the framework conditions for branch retail changed, especially due to digitalization,” explains the Credit Protection Association (KSV).
However, the losses from the Corona period were so high that the house bank finally demanded the outstanding loans from the debtor, which is why they had to admit insolvency and file for insolvency.
The application also states: “This aid had to be used for agreed loan repayments from the house bank and was essentially not available to the applicant’s company to finance further operational business operations.”
Well-known luxury company is bankrupt: Despite bankruptcy, traditional company plans to continue operations
But there is at least some good news in the bankruptcy that makes the continued existence of the well-known luxury company at least seem possible.
According to the KSV, the company has “introduced all necessary restructuring measures”.
The branch structure has been adapted to the changed economic challenges and the management has ensured significant cost-saving measures in the area of administration.
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The intention is to continue operating the company for the time being, as well as to continue business operations in the branches unabated.
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