Out after 132 years Traditional Zug company closes with immediate effect - 80 employees lose their jobs

The long-established Hans Hassler AG has gone bankrupt. Employees had to leave the building at short notice and hand in their company accesses. The owner cites strong competitive pressure and falling margins as the reasons.

For the employees of Hans Hassler AG in Zug, the end came as a surprise: on Tuesday afternoon, they had to hand in their company badges and car keys, pack their personal belongings and leave the building immediately, as reported by "Blick".

Shortly afterwards, the entrance was sealed by the bankruptcy office. "We are completely surprised by the bankruptcy," an employee told Blick anonymously. There had been no previous indications of financial problems.

Company owner Urs Steinegger confirmed the insolvency of the company, which was founded in 1894 and specialized in floor coverings and curtains. Around 80 employees are affected, the 73-year-old told "Blick". In addition to its headquarters in Zug, the company also had locations in Aarau, Kriens and Zurich.

"It's a ruinous industry"

Steinegger cited strong competitive pressure, low margins and the difficult situation in the industry as the reasons for the bankruptcy. "Nobody wants to pour money into a business like this. It's a ruinous industry," he said. The decline in the new construction business and competition from DIY stores in particular had exacerbated the situation.

The company, which is over 130 years old, had recently tried to hold its own with advice, installation and the renovation of historic parquet floors. According to Steinegger, however, efforts to raise new capital also failed. It currently remains unclear what the future holds for Parkett-Maier AG, which also belongs to his group of companies.

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