Now, however, the company has filed for insolvency in the commercial court in Vienna. The three stores in Vienna are to be closed, with 19 employees losing their jobs. According to information from Creditreform, the company has debts of 1.976 mio euros.
Proceedings are also pending in two cases in respect of rent and eviction. The cause of the insolvency lies in high start-up costs and late funding payments, meaning that ongoing fixed costs could not be serviced, reported Creditreform.