Is closure imminent? – Kloser’s Bakery faces millions of bankruptcies

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The bankrupt vulture circles above the Vorarlberg bakery chain Kloser’s. The company has a debt of more than two million euros. The reason for the liquidity loss would be unpaid Covid aid.

As the Credit Protection Association 1870 announced on Monday, the bakery with its 17 branches is on the verge of bankruptcy. The liabilities amount to 2.1 million euros. According to the debtor, the reason for opening bankruptcy proceedings should be unpaid Covid aid. Applications are said to have been submitted and some have already been approved, but no money has come in yet.

Victoria Schuchlenz of the Credit Protection Association reports that the company’s liquidity has been significantly reduced as a result. After all, the company has 89 employees – and therefore also quite high personnel costs.

Not sure how to proceed
Claims from creditors can still be registered until 21 July. By 4 August at the latest, the trustee will receive an overview of Kloser’s assets and liabilities and will report. It is still unclear whether the company will continue or not.

Source: Krone

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