The Austrian fashion chain Jones has gone bankrupt again. This concerns 33 branches with 140 employees.
“Since 1972, the Austrian fashion company Jones has stood for high-quality women’s fashion in the field of business and casual fashion. The ongoing structural changes in the apparel industry and the difficult economic environment of the past eleven months now require the initiation of restructuring procedures,” the company said in a statement. Director Gabor Rose explained that the Austrian family business could not escape the negative developments “despite all efforts”.
Online trading as a lifeline?
The debts amount to 3.5 million euros. Creditors should be given a 20 percent quota. You definitely want to continue the business. In the future, online trading will mainly be promoted. This is now being completely reorganized.
The company had already filed for bankruptcy in 2019. The label, which mainly specializes in women’s fashion, was able to continue – albeit with a smaller branch network.
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.
