At its own request, Goldwelt Juweliere & Uhrmacher GmbH has filed for restructuring proceedings without self-management at the Linz Regional Court. This concerns 60 employees and 40 creditors. The company, founded in 1934, has been a family business for generations and has a total of 13 branches in Austria, five of which are in Upper Austria.
The applicant operates jewelry and watch stores in 13 locations (shopping centers). In Upper Austria there are branches in PlusCity, LentiaCity, on Linzer Landstrasse, in Wels and in Vöcklabruck. Other: 2x in Innsbruck, in Vösendorf, Vienna, Klagenfurt, Villach, Graz and Salzburg.
The cost pressure became too great
The reasons for the bankruptcy filing are said to be mainly due to the fact that, in addition to consumers’ reluctance to buy, personnel, energy and rental costs have increased dramatically. The increased costs could not be fully passed on to end customers. Negotiations with a potential investor could not be completed successfully.
The bridging loan has become due
Restructuring measures and cost savings have already been initiated. Turnover from the 2024 Christmas activities lagged behind expectations. In addition, Covid bridging financing of approximately 562,000 euros had to be repaid.
Continuation and renovation planned
The continuation and restructuring of the company is planned. Creditors are offered a 20 percent restructuring plan (initially introduced with a minimum requirement of 20 percent, payable within 24 months). “The successful implementation of the restructuring plan and the approval of creditors form the basis for the survival of the traditional company,” explains Petra Wögerbauer from KSV1870.
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.
