Viita Watches specialized in the development of smartwatches in the luxury segment – now that the company was running out of money. On Wednesday, the Upper Austrians filed for bankruptcy. According to AKV Europe, the debts amount to 5.6 million euros.
Viita Watches participated in the past in the Puls4 TV program “2 Minutes 2 Millions” and at the end of 2022 the company from Traun (Upper Austria) was able to raise fresh money from Tauros Capital, which secured part of the turnover in return.
Now, however, the specialist for high-quality smartwatches has run out of money. According to the bankruptcy filing, a significant loss was incurred in the past fiscal year.
16 employees affected
According to AKV, debts of 5.6 million euros are offset by assets of 2.5 million euros. There are currently approximately 1,000 watches in stock, but there are also new projects that will take the company into the future. Viita Watches recently employed 16 people.
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.
