Luxury smartwatches
Traun-based start-up Viita Watches insolvent
The Upper Austrian smartwatch manufacturer Viita Watches, based in Traun (Linz-Land district), is insolvent. Reorganization proceedings without self-administration were opened for the start-up at the Linz Regional Court on Wednesday, according to the credit protection association KSV1870.
16 employees and 30 creditors are affected. The liabilities amount to 5.5 million euros. The amount of assets was initially unknown. Founded in 2017, the company produces smartwatches in the premium segment. According to the insolvency application, the company was not overindebted in the 2022/23 financial year, but suffered considerable losses in the following financial year.
According to the KSV1870 application, this was due to changes in the display and search algorithm at Facebook's parent company Meta, which meant that the company was only able to reach its target audience to a limited extent. Other causes include a loss compensation of EUR 340,000 from the Covid-19 financing agency (Cofag) that was applied for in 2022 but not yet received, as well as the sudden transmission of a certificate of arrears from ÖGK, including a subsequent insolvency application by the health insurance fund, it continues.
As part of the restructuring, creditors will be offered a restructuring plan with a quota of 20 percent. This is to be financed through the continuation of the company. In the meantime, Bugatti has succeeded in selling the watches on the sales side, which is expected to generate considerable profits in the coming months. In addition, Viita Watches' own warehouse is worth over 1.5 million euros, according to the insolvency application.
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