A large investment in which the costs are considerably surpassed, the operator family quotes two pharmacies as the reason, therefore it has applied for a renovation process for the two locations. The debts of both houses are up to more than four million euros.
The water pharmacy at the central square in Linz and a pharmacy in Traun both submitted a request to open a renovation process without self -administration on Tuesday. The Credit Protection Association of 1870 and the Alpine Officer Association have informed this.
The pharmacy location in Traun has collected 3.4 million euros in debts. Nine employees are affected by the bankruptcy and according to KSV1870 65 creditors. The Linz location is a bit smaller: six employees are affected here, the pharmacy is owed to 48 creditors with 765,000 euros.
The renovation is planned
The insolvency of the two stores operated by a family is an important investment in which considerable cost overruns were. To make matters worse, a main supplier had drastically shortened the payment conditions.
A continuation of the company is planned, the creditors initially receive a renovation plan of 20 percent-this is also the statutory minimum. “The successful implementation of the renovation plan and the permission of the creditors form the basis for securing the survival of the traditional company,” says Petra Wögerbauer of 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.
