The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
194 jobs Number of planned job losses
Announcement Date
31 July 2019
Employment effect (start)
1 August 2019
Foreseen end date
31 August 2019
Description
Hungarian fashion retailer subsidiary Charles Vögele belonging to Swiss Sempione Fashion group decided to end its operations and close all stores operating in Hungary by the end of August. Even though there are no specific details as to the reasons for the closure, the company's financial position is eroded. The latest financial reports from 2017 show that the company was loss-making and no data regarding 2018 is available yet. Moreover, the Hungarian subsidiary is financially dependent on the Swiss parent company, which is under insolvency proceedings in Switzerland, and operationally it is closely connected with the Austrian subsidiary, which went bankrupt as well.
According to the most recent data available, Charles Vögele has 27 stores in Hungary, with a total staff of 194. According to the company's management, there will be an attempt to transfer the stores, along with their personnel, to potential new owners.
Charles Vögele stores in other European countries have already been previously closed.
Eurofound (2019), Charles Vögele, Bankruptcy in Hungary, factsheet number 98255, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/98255.
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