Weltbild now also files for bankruptcy in Switzerland
The publishing house Weltbild has now filed for bankruptcy in Switzerland as well. 124 employees are losing their jobs.
The 24 stores in Switzerland will remain closed from Thursday and the online store will be deactivated, according to a press release issued by the company on Wednesday. Initially, the news portal 32Today reported on the end.
"With a heavy heart, we had to apply for the opening of bankruptcy proceedings for Weltbild Verlag GmbH on 21.08.2024," Weltbild addresses customers on its website. The employees have been released from their duties as of Thursday and no longer have to attend work, according to a letter to employees obtained by the news agency AWP.
Swiss part was profitable
The bankruptcy is all the more regrettable because the Swiss subsidiary had always been "a successful and profitable part" of the Weltbild Group, Weltbild Switzerland writes in the communiqué.
However, dependencies on the German parent company and the rapid escalation of the situation in Germany would have left no other option but to file for bankruptcy.
No more support from Germany
The background to this is the insolvency of the German parent company. This will now be finally liquidated at the beginning of September. The high costs in the operating business, particularly in the areas of IT and marketing, had made it impossible to continue the German parent company profitably in the face of strong competitive pressure.
However, with the rapid demise of the parent company, the systems required for continued operations in Switzerland would no longer be available. Similarly, no further services could be obtained from the parent company. "Without these prerequisites, which were still in prospect until recently", the company would no longer be able to realign itself independently in the coming months. This is all the more true because talks with existing and potential investors have not borne fruit.
In June, it was reported that the insolvency of the German parent company had no consequences and that business was continuing to run smoothly (m&k reported). The processes at Weltbild Switzerland were set up in independent structures parallel to the processes in Germany, according to the statements made at the time. (SDA/swi)
