As of: March 13, 2024, 9:01 a.m
By: Felix Herz
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The number of corporate bankruptcies in Bavaria rose by 27 percent last year.
Particularly affected: retail and the motor vehicle industry.
(Symbolic image) © Michael Gstettenbauer / IMAGO
Last year, 2,527 companies filed for bankruptcy.
A quarter of the affected employees come from the retail and automotive industries.
Munich – The insolvency landscape in Bavaria has become significantly darker in the past year.
According to the State Statistics Office, 2,527 companies have applied to open insolvency proceedings, an increase of 27 percent compared to the previous year.
Claims rose by 41 percent to 3.6 billion euros, while the number of affected employees grew by 73 percent to over 24,000.
Trade and the motor vehicle industry are particularly affected - bankruptcies are rising again
Workers in retail and the motor vehicle industry were particularly affected, making up a quarter of the total.
In these sectors, the expected claims rose to 481 million euros.
In the real estate and housing sector, the number of insolvency applications doubled, with claims totaling 619 million euros.
After declines in 2020 and 2021, which were characterized by the corona pandemic, the number of corporate insolvencies rose again in 2022 and 2023 and reached a level at the end of the year that corresponds to that of 2019.
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René Benko's bankruptcy in Munich made headlines
Particularly noteworthy are the insolvencies in the Signa real estate and trading group founded by René Benko, which includes the department store chain Galeria Karstadt Kaufhof, the KaDeWe group with the luxury department store Oberpollinger in Munich and the sporting goods retailer SportScheck.
The latter has applied for insolvency proceedings at the Munich District Court.
But the number of company bankruptcies has increased not only in Bavaria, but also nationwide.
In February it reached the highest value since the economic research institute IWH began surveying in 2016. Particularly high values were recorded in Baden-Württemberg, Bavaria, Berlin, Hesse and Rhineland-Palatinate.
Large employers that close their doors often result in large and permanent losses of income for affected employees.
“We also expect high insolvency figures for the months of March and April,” said IWH insolvency researcher Steffen Müller.
Despite the increasing numbers, he does not see a dramatic wave of insolvencies.
He recalled that 20 years ago there were significantly more insolvent partnerships and corporations.
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The editor Felix Herz wrote this article and then used an AI language model for optimization at his own discretion. All information has been carefully checked.
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