The bankruptcy of the traditional Vögele Shoes chain is currently being processed. Nearly all Swiss branches will close by the end of the year, with written notices of termination to employees just received.
Vögele Shoes is just one of many examples. The wave of bankruptcy rolls and rolls. From January to November, many more companies went bankrupt in Switzerland. And the “suppressed demand” resulting from the pandemic will likely continue into 2023.
In the first eleven months of this year, corporate bankruptcies rose 33 percent compared to the same period last year, according to an assessment released Friday by Creditreform. In absolute terms, this means that from January to November, 6144 companies in Switzerland closed their doors forever.
Creditreform expects about 6,700 bankruptcies for the year to end, which will be almost 31 percent more than in 2021. And that wave doesn’t seem likely to subside next year. Given the impending economic slowdown, things could get worse.
Corona effects spoil the picture
Creditreform also announced that the number of bankruptcies exceeded the values of 2018 and 2019 before Corona by almost ten percent. The debt collection company announces the increase in 2022 with government pandemic assistance in the spring of 2020.
Many so-called “zombie companies” that were actually ready to go bankrupt were granted grace periods thanks to support measures. Now that additional liquidity has been exhausted, all that remains is to go to the bankruptcy judge.
As a result there are more companies
Despite a record number of bankruptcy companies, thousands of entrepreneurs have once again dared to become self-employed this year. From January to November, 45,100 companies were entered in the trade register.
That’s 1.2 percent less than last year. However, after deducting companies deleted from the business register, there are more than 19,500 company increases as a result.
Creditreform expects that the situation will not change significantly until the end of the year. According to experts, around 49,000 new companies should be established throughout the year. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
