As a result of the bankruptcy of the home accessories chain Depot, at least 130 jobs will disappear, but the employees are completely in the dark. Because it is currently unclear which locations will be closed and which can remain open. The July salaries were not paid.
The depot employees are currently going through difficult times: after the bankruptcy proceedings were filed on Thursday, the approximately 350 local employees are in limbo and do not know what will happen next.
German depot parent Gries Deco Company GmbH wants to take over 27 to 28 of the current 49 Austrian branches from the bankrupt estate. This would result in the elimination of “only” just over 130 jobs.
All employees have been temporarily terminated
But it is completely unclear which locations can be taken over by the German parent company. Even the Viennese restructuring expert and Depot Austria boss Rainer Schrems no longer knows: “You have to tell the employees quickly: you can stay or you can’t stay, these are the critical branches. It’s a pity that I can’t say yet who stays and who has to go.” For the time being, the entire staff is registered for dismissal with the bankruptcy application.
But employees are also worried about their salaries. Schrems: “Nobody has received their July salary yet.” Although the bankruptcy fund intervenes in bankruptcies, it is unclear when the money will flow. “It is currently taking a relatively long time because there are so many bankruptcies and the fund has so much to process,” says Schrems. “We know that everyone will receive their salary, but we do not yet know when.”
In case of hardship, the AMS helps with salaries
However, in case of difficulties, the employment service can help. Schrems: “The AMS has a system and can give employees in need an advance.”
The creditors include the landlords, such as the Spar subsidiary SES as the operator of shopping centres. Many rental debts are outstanding. Schrems: “The Spar Group is the largest landlord of Depot Austria and will certainly have something left.” He expects that ultimately only around 20 percent of the debts can be repaid as a quota.
The company will eventually be removed by the court
But that is a matter that the trustee will then have to discuss with Gries Deco Company GmbH: “The trustee can say: what will you pay me so that you can take over the twenty branches that you want.” money in the till, and “the goods also have a value.”
Schrems himself wants to remain on board Depot Austria as a director until the bankruptcy is completed, but cannot yet say how long that will be: “It could take half a year, it’s about the steps of the legal procedure. But my role will be purely administrative.” Ultimately, the company will be delisted by the court.
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.
