The restructuring process of the local furniture chain Kika/Leiner has now failed and the company has filed for bankruptcy. About 1,400 employees are still affected after the company already implemented massive job cuts this year.
It is the second bankruptcy for the furniture giant; bankruptcy had to be filed in June 2023. “The company’s own insolvency proceedings, Signa’s bankruptcy, the ongoing recession and cost increases since the acquisition” were the reasons for the failure of the restructuring, the company said in a press release on Tuesday.
It’s unclear whether things will go ahead at all
The furniture chain explained that it is now the curator’s turn to decide whether and how things will proceed. Kika/Leiner had already reduced the number of employees from 1,900 to 1,400 during the year.
Kika/Leiner management “did everything humanly possible to ensure the company’s survival.” Under the current circumstances, “the renovation of the heavily damaged furniture store is unfortunately not possible.”
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.
