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The shoe chain Reno also went bankrupt in Austria and has to file for bankruptcy. At the end of March, the shoe retailer filed for bankruptcy in Germany. However, until now, the status of the branches in Switzerland and Austria was unknown.
In Austria, Reno now has to close 29 branches. According to “krone.at” the company employs 106 people. 2400 creditors were affected by bankruptcy. It’s about the demands of twelve million euros.
What does this mean for Reno branches in Switzerland? When asked by Blick, Dieter Metz said, “The Swiss branches are still unaffected by the bankruptcy proceedings.” Metz is managing director of finance at CM.Sports GmbH and has owned the Reno branches and online stores since October. He also owned the Vogele shoe chain, which went bankrupt last year.
Great uncertainty in Switzerland
Despite the announcement, uncertainty is growing for Reno employees at 17 branches in this country. Because with Austria now a subsidiary is also affected.
In December, Metz told Blick: “Reno is not at risk of bankruptcy!” But employees in Reno Switzerland were already talking about possible bankruptcy. The business appears to be on shaky ground. Bankruptcy in Austria brings with it more uncertainty.
last ray of hope
In addition to inflation in Germany, shortages of goods, rising energy costs and the Ukraine war also affected the shoe chain. In Austria, the company cites the corona epidemic as the trigger for bankruptcy. The corresponding decline in sales could not be compensated.
However, there is still one last glimmer of hope for the Austrian branches: a possible restructuring process is being discussed in the investor talks. If a white knight is found, Reno can continue to exist in Austria. If negotiations fail, the company will be dissolved.
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.
