Two weeks after German shoe retailer Reno filed for bankruptcy, its Austrian subsidiary is now also insolvent. 29 branches with 106 employees are affected.
As the credit protectors AKV, Creditreform and KSV1870 reported on Thursday, HR Group GesmbH had already filed for bankruptcy. The regional court in Wiener Neustadt is responsible.
According to the information, approximately 2,400 creditors with claims of approximately EUR 12 million are affected by the insolvency proceedings. The company cited the consequences of the corona pandemic and the associated drop in turnover as the reason for the bankruptcy. The pandemic years were offset by government support measures. Talks with investors ultimately failed.
The very last hope
The continuation of the company is currently being sought to hold further investor talks. Any restructuring procedure will depend on the outcome of these talks. If they fail, the plan is to dissolve the company.
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.
