All that glitters is not gold! Alphagold Schmuck- und Uhrenvertriebs GmbH in Linz went bankrupt on Wednesday. A reorganization procedure has been initiated for the company, which operates 34 branches under the brands “Le Clou” and “Juwelier Reiter”. The debt mountain is high.
Digitalization and the shift of business to online trading had made the first pinpricks, the corona pandemic and the many closure phases did not make the situation any easier, the cumulative losses from the pandemic period were ultimately so high that the house bank recently closed the bank’s outstanding loans became due.
7.95 million euros in debts
The result: On Wednesday, Alphagold Schmuck- und Uhrenvertriebs GmbH, based in Linz, had to file for bankruptcy. According to the Credit Protection Association 1870, the company’s debts amount to 7.95 million euros, compared to 613,000 euros in assets.
Well-known to customers with the brands “Le Clou” and “Juwelier Reiter”.
Alphagold Schmuck- und Uhrenvertriebs GmbH, which has already initiated restructuring measures, currently operates 34 branches under the brands “Le Clou” and “Juwelier Reiter”. What’s next with this one? According to the bankruptcy filing, the intention is to continue. Austrian and international investors should also be involved.
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.
