At the beginning of November he had closed his branch on Landstrasse in Linz, and recently the bakery in Ansfelden (Upper Austria) had also been closed due to staff shortages – now Helmut Gragger pulled the pull shortly before the turn of the year . The baker currently active in Vienna submitted an application for restructuring.
According to the credit protection association, the debts incurred by Gragger & Cie GmbH in 1870 amounted to 1.16 million euros – and which now forced the baker to go to insolvency court. Shortly before the turn of the year, it was a bit of a shock for the employees: 50 employees were affected by the bankruptcy.
Demand fell, energy costs rose
Helmut Gragger, who founded his wood-fired bakery in Ansfelden in 1997, opened his first branch in Vienna in 2010. The bakery now has five branches in the federal capital. What led to the financial turmoil? Mentioned here is the absence of tourists and casual customers, who would not come by so often due to the increased number of home offices. According to Creditreform, inflation is also driving down demand for expensive bakery products. Creditors’ association Alpine also mentions the increased energy costs.
Follow-up is planned
What’s next? Gragger wants to continue the business. With the help of the restructuring process, the future of the company should once again get a solid foundation. However, here it is the liquidator’s turn.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
