The insolvency shoe & shoe PKTS GmbH based in Dornbirn – known as Vögele Shoes GmbH until December – will close 15 of the original 49 stores across Austria. Affected by this are around 60 employees, between three and five per branch, the Wirtschaftspresseagentur.com reported on Friday. An investor is still looking for the continuation of the company.
Two of the affected stores in the Sillpark in Innsbruck and in Bad Ischl are closed immediately, and the restoration company Tobias Gisinger informed after 13 days of the first check-up date in Feldkirch at 13 other locations. These are four branches in Carinthia, four in Lower Austria and one each in Vienna, Vorarlberg, Styria and Burgenland. In Tyrol, another location will be closed on 1 May.
The closures are part of a reorganization concept which the debtor has already presented during the opening of the procedure without self-administration in January. Together with the search for an investor, they are supposed to ensure an economic survival of the shoe trade chain, according to Gisinger. Talks are already in progress, without a sponsor, it would be difficult to continue the company.
As a cause of the insolvency, CEO Christian Hahn in January had mentioned the high price and competitive pressure in the shoes retail trade. For a necessary restructuring, the money was missing, even the shareholders could not provide any funds.
In the insolvency proceedings, 309 creditors and the approximately 240 employees have registered claims of EUR 2.95 million, of which EUR 2.5 million was recognized. At the opening of the proceedings, the liabilities amounted to around EUR 10.2 million. Offered is a rate of 20 percent, payable within two years. If the proposed restructuring plan is adopted, the company assumes liabilities of EUR 3.6 million to be taken into account.