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So yes! Shops are sinking in Reno. The major German shoe retailer with a network of branches in Switzerland and Austria has filed for bankruptcy. Employees were already notified of the bankruptcy on Wednesday. According to the interim bankruptcy manager, about 1,100 employees will be affected by the impending shutdown.
Reno’s bankruptcy did not come as a surprise. Even though Dieter Metz, Managing Director of CM.Sports GmbH, which owns all Reno branches and the online store since October 1, 2022, assured Blick in December: “Reno is not at risk of bankruptcy!” And nachschob: “I want to steer Reno towards a sustainable profitable future.”
Even then, Blick reported that things were not going well for the shoe chain store, especially in Germany. There were parallels to the bankruptcy of Vögele Shoes in Switzerland. As a reminder: It was the German Dieter Metz who owned the traditional Uznach company and let the Vogele shoe chain die.
How much better does this go in Switzerland?
At the time, Reno employees in Switzerland stated that they were running towards bankruptcy for the shoe chain. The business appears to be on shaky ground. However: Bankruptcy proceedings are currently only available for 180 German Reno branches.
17 stores in Switzerland were not affected. But how much? “As I said, Switzerland is exempt from filing for bankruptcy,” Reno spokeswoman Lisa Müller says on the request. In Germany you must first get an overview. “As of today, that’s all we can say about the Swiss business.”
According to Müller, the Reno administration was trying to cut costs and implement restructuring measures to “return to the profit zone”. But goods shortages, inflation, rising energy costs, and the Ukrainian war would devastate the effort. “The only remaining step was bankruptcy,” says Müller. He did not want to give further details, such as how well their Swiss sister branches were still doing.
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.
