It is one of the oldest bakeries in Austria. But now the Weinhäupl bakery in Altheim (Upper Austria) has gone bankrupt. The reasons are diverse.
Weinhäupl Bakery has been a family business since 1604, making it one of the oldest bakeries in Austria. Markus Weinhäupl took over the company from his parents in 1994. But now the end is in sight.
Nearly 600,000 euros in debt
Because against assets of 95,000 euros, there are liabilities of 565,000 euros (of which approximately 527,000 euros are attributable to banks), reports KSV 1870.
Corona and cost increases
The company has been positively managed for years. “However, in recent years and during the Corona pandemic, there has been a significant credit arrears with a decline in sales and an increase in costs, which can no longer be covered with current income,” the Credit Protection Association said in a press release.
The survival of the company will largely depend on market developments (energy and raw material prices). “The intention is to continue the company and to achieve a sustainable restructuring”, according to the KSV.
Source: Krone
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