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Thomas Krenn negotiated with investors until the last minute. In the end, he ran out of time. Yesterday, Tuesday, his fashion chain Charles Vögele had to go bankrupt.
About 1000 employees are affected – more than 700 in Austria, 300 in Slovenia and Hungary. His boss remains optimistic: "The opportunity is still alive, we ran out of time," he told reporters. "Negotiations have not failed and failed – it's a big difference."
The legal and economic conditions made the opening of the restructuring process inevitable. Specifically, the Austrian company Charles Vögele GmbH – whose headquarters near Graz also manages the business in Slovenia and Hungary – has a liability of 48.5 million euros and badets of 28.4 million d & # 39; euros.
Have the Italians been guilty?
19659005] July 31 had become a natural deadline, which has been worked on in recent days and weeks. Because in August, Julilöhne and the holiday pay would have been paid. Behind the scenes, however, the situation has worsened for some time now: Italian investors around the moderate giant OVS, who wanted to bring the Swiss group Vögele back to victory after years of crisis from 2016, have shipwrecked. In Switzerland, the bankruptcy of 140 branches was announced in early June.
According to the Austrian subsidiary, the change in product mix has also turned its balance sheet into negative territory. Credit counselor Gerhard Weinhofer of Creditreform sees other reasons such as "price war and e-commerce". Critics also accuse the group, represented at their weddings in the 90's with up to 760 stores in Europe, of an outdated image.
Trade: The biggest bankruptcies since 1992
Deliveries halted
The bankruptcy of the Swiss mother was also felt differently by Krenn: shipments of goods to Austria, Slovenia and Hungary stopped. Currently, 102 Austrian and 37 Eastern European stores are not stocked with new clothing.
That should change quickly. Krenn wants to finalize the "very advanced negotiations" in the restructuring process. There are several interlocutors. Including the one who "awakens concrete hopes". Compared to the other option – bankruptcy with the sale of individual sites – this would be the best solution. Spar and Hofer, but also competitors such as Fussl or the Dutch group Miller & Monroe were traded as buyers.
Now, it's about "the best job security possible," it says in a statement. The workforce would have been extremely loyal in recent weeks, despite the outstanding funds. They should not worry about their wages, Weinhofer says. For such cases, the bankruptcy fund is ready.
How much keep their job is another matter. "In two to three weeks, a decision must be made," says Georg Ebner of the Credit Protection Association (KSV). Because the branches open up to accumulate additional costs. Costs to pay in case of failure to take control of the mbad of insolvency. This would compromise the projected minimum rate of 20% for the 178 creditors. However, time is also entering the fashion trade: the fall-winter collection must be ordered as quickly as possible. The fashion chain can not do it without foreign capital – or with the courtesy of its suppliers.
The savior must act quickly
The anonymous savior, according to the credit guards, must quickly decide, in consultation with the liquidator, which branches he will keep – and which one he prefers to give up. That all stores and jobs are backed up, is unlikely. "Everyone will be considered separately," says Weinhofer.
If all goes well and the sale succeeds, then the creditors still have to give their blessing to the restructuring plan. The path to rescue is long. Krenn remains sober: it's the "model with the best chance of getting most of the branches".
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