The car accessories chain Forstinger has gone bankrupt again. The company will file an application to start restructuring proceedings at the regional court in St. Pölten in the coming week, it said in a broadcast on Friday.
Drastic changes in the preconditions due to Corona, inflation and loss of purchasing power among customers would have made the step necessary. However, the continuation of the activities is assured, according to the company from Tulln, Lower Austria.
operation should continue
Forstinger employs approximately 600 people at 87 locations with 85 specialist workshops. The company has developed a restructuring concept and intends to continue operations. There must be a stronger focus on the product range, the office network must be restructured and the range of services and workshops must be expanded. When asked, it was still too early to make statements about the consequences of the bankruptcy for employees.
Registered for renovation without own responsibility
“We have not taken this decision lightly, but against the backdrop of inflation and loss of purchasing power, we have reached a point where, as responsible managers, we must request a legal restructuring process. We owe it to our employees, customers and partners to do everything we can to restructure Forstinger,” management said. The restructuring process is registered without personal responsibility and with a quota of 20 percent.
Forstinger had previously filed for bankruptcy twice, in 2018 and 2001. In 2009, the former Forstinger mother became insolvent. The supplier of car accessories, spare parts, tires and rims, which has existed since 1962, changed hands several times. The company’s annual turnover was around 90 million euros.
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.
