Companies

Reno's Austrian branch also declared bankruptcy

Apr 27, 2023 Germany

After the shoe retailer Reno filed for bankruptcy in Germany at the end of March, the company's Austrian subsidiary, HR Group GesmbH, decided as well to file for bankruptcy

Bankruptcy proceedings were applied at the regional court in Wiener Neustadt, as talks with investors have failed to date to secure a refinancing plan. The company justified the outcome with the impact of the COVID-19 pandemic and the associated drop in sales. Press reports say that the bankruptcy involves some 2600 creditors with claims of about 12 million euros.

Based in Leobersdorf, the company operates 29 Reno stores in Austria and employs 106 people. Although the March salaries have been paid, operations can hardly continue, according to the company. The subsidiary is currently in talks with potential investors, but if an agreement is not soon reached, the inventory will be sold and the company will be liquidated.

Founded in Germany in 1977, Reno entered Austria in 1984. At the end of September, the shoe retail group HR Group sold Reno Schuhcentrum and its subsidiaries – including the locations in Germany, Austria and Switzerland – to cm.sports GmbH and its partner GA Europe.

Source: shoeintelligence.com

Image Credits: de.fashionnetwork.com

Austria Germany Bankruptcy Footwear Retail