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Shock for veggie fans: Swing Kitchen is about to close!
The restructuring of the vegan restaurant chain Swing Kitchen has failed, leading to bankruptcy filings for all locations in Austria.
Shock for veggie fans: Swing Kitchen is about to close!
The vegan restaurant chain Swing Kitchen is facing serious upheaval: the holding company's recently accepted restructuring plan has failed. This reports exxpress.at. In October 2023, the creditors showed their approval of the restructuring measures, but the management now drew a sobering conclusion. The targeted financing, which was crucial for stabilizing the corporate units, was withdrawn at short notice by the shareholders.
The company management had only recently determined that there was no risk of insolvency for other companies in the group. However, the shareholders' withdrawals led directly to the preparation of new insolvency applications for the entire group of companies. All seven locations in Austria, which employ around 130 people, are affected. These include five branches in Vienna and one location each in Graz and Innsbruck.
Factors for the failure of the renovation
The failure of the renovation would be loud today.at mainly due to the shareholders' sudden rejection of financing. This lack of funds puts the chain in a precarious financial situation, in which the insolvency administrators now have to decide whether individual branches will continue to operate or close. The two franchises in Vienna, at Schwedenplatz and Josefstädter Straße, as well as the branch in Bern (Switzerland) will remain open for the time being and may be retained to optimize business operations.
The business strategy was changed so that Swing Kitchen no longer pursues a company-wide restructuring. Instead, hopes lie in the best possible settlement. Lawyer Jakob Wöran explained that the situation is now in the hands of the insolvency administrators, who will quickly check whether and which locations can be sold.
Bankruptcies in comparison
The Swing Kitchen case is symptomatic of a broader issue that affects many companies. Loud ifm-bonn.org The number of corporate bankruptcies in Germany continued to rise in 2024, with 21,812 registrations, 4,000 more than in the previous year. The 22.4% increase shows how many companies are struggling in the current economic situation. Insolvencies are also a relevant topic in Austria, and the fate of Swing Kitchen is being followed with excitement, as the vegan gastronomy industry is highly competitive and the failure of the brand could have an impact on the entire industry.