Restructuring under consideration

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Founded in 1934, the company was family-owned for generations; here is a picture of the branch on Linzer Landstraße.

(Bild: TEAM FOTOKERSCHI / WERNER KERSCHBAUMMAYR)

At its own request, Goldwelt Juweliere & Uhrmacher GmbH has applied for restructuring proceedings without self-administration at the Linz Regional Court. This affects 60 employees and 40 creditors. Founded in 1934, the company has been family-owned for generations and has a total of 13 branches in Austria, five of which are in Upper Austria.

The applicant operates retail stores for jewelry and watches at 13 locations (shopping centers). In Upper Austria, there are branches in PlusCity, LentiaCity, on Linzer Landstraße, in Wels and in Vöcklabruck. Otherwise: 2x in Innsbruck, in Vösendorf, Vienna, Klagenfurt, Villach, Graz and Salzburg.

Cost pressure became too great
The reasons for filing for insolvency are said to be primarily due to the fact that, in addition to consumers' reluctance to buy, personnel, energy and rental costs have risen massively. The increased costs could not be passed on in full to end customers. Negotiations with a potential investor could not be successfully concluded.

Bridging loan has fallen due
Restructuring measures and cost reductions have already been initiated. Revenue from the 2024 Christmas business fell short of expectations. In addition, a Covid bridging loan of around 562,000 euros became due for repayment.

Continuation and restructuring planned
The continuation and restructuring of the company is planned. The creditors will be offered a 20% restructuring plan (initially with a minimum requirement of 20% payable within 24 months). "The successful implementation of the restructuring plan and the approval of the creditors are the basis for securing the continued existence of the long-established company," explains Petra Wögerbauer from KSV1870.