The owner had only opened his “Balazs” in his new house with a lot of attention to detail in the summer of 2023, served Austrian home cooking – from the classic Viennese Venician to Onionbrayt. Now he asked for insolvency procedures on the Linz Regional Court on his own application.
The “Balazs” restaurant, founded in 2023, has around 88 seats indoors and about 62 seats on the terrace. According to information in the bankruptcy application, the company was closed on 31 March. Ten employees and 25 creditors are affected and 91,000 euros are available for supplier obligations.
Guest numbers fell, the fixed costs high
The causes of the bankruptcy application are mainly due to the fact that the number of guests decreased considerably and the fixed costs were high. There were efforts to adjust the operational concept accordingly, for example by changing the offer and a reconciling of the target group. However, the relevant measures could no longer be implemented without financial resources.
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.
