Traditional house is in Tulln: after 200 years of bankruptcy and branch closings

Traditional house is in Tulln: after 200 years of bankruptcy and branch closings

The traditional fashion house Stift from Tulln, Austria, faces a serious crisis and has filed for bankruptcy. After over 200 years on the market, several branches of the family company are affected by immediate closure. This drastic decision was triggered by a number of difficulties, including Corona pandemic, increasing inflation and a flood disaster, which caused considerable damage this year. Managing Director Nina Stift announced that the company was forced to take this step due to the financial burdens and the decline in customers, since the costs have become unsustainable.

The fashion house, which was founded in the early 19th century and is now in the fifth generation of family ownership, has a diverse story. The bankruptcy process affects around 37 employees, while the liabilities are estimated at around 4 million euros, in addition to around 6.8 million euros in loans from the limited partner Willi Stift. The assets, which are essentially limited to the inventory, only amount to around one million euros. In this context, there is a claim to 135 creditors who must also be included in the renovation process.

closures and social responsibility

In order to counter the further losses, all branches outside of Tulln are closed immediately. Only the parent company in Tulln will remain open until the end of the high -sales Christmas season before the remaining goods are sold there by the insolvency administrator. The affected locations include branches in Klosterneuburg, Mistelbach and Tulln. Venka Stojnic from Creditreform expressed that a profitable continuation of business is unrealistic in the current situation.

The closings and bankruptcy have caused a stir in the region, and it remains to be seen how the case will develop. It is a difficult phase for the company and its employees, but the hope that Nina Stift will find new ways to revitalize her entrepreneurship remains. For more information on this topic you can do the full article www.t-online.de Read.