News | Austria


Tierkönig pet store chain goes under


Setting out with big ambitions, doomed to failure: Tierkönig founders Philipp Mertl (left) and Alexander Wolff.

Tierkönig was launched nearly two years ago with big ambitions. The first store opened in June 2017, with two others following in July and August. Company founders Philipp Mertl and Alexander Wolff had planned to open up to 40 more stores.

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.

| 8 May 2018


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