Media Weltbild files for bankruptcy in Switzerland
The publishing house Weltbild has now also filed for bankruptcy in Switzerland. 124 employees will lose their jobs.
21.08.2024, 17:02
21.08.2024, 17:28
SDA
The 24 branches in Switzerland will remain closed from (tomorrow) August 22, 2024 and the online store will be deactivated, according to a statement from the company on Wednesday. The news portal 32Today first reported on the closure.
"It is with a heavy heart that we had to apply for the opening of bankruptcy proceedings for Weltbild Verlag GmbH on August 21, 2024," Weltbild addresses customers on its website. The employees have been released from their duties as of Thursday and no longer have to attend work, according to a letter to employees obtained by the news agency AWP.
Swiss part was profitable
The bankruptcy is all the more regrettable because the Swiss subsidiary had always been "a successful and profitable part" of the Weltbild Group, Weltbild Switzerland writes in the communiqué.
However, dependencies on the German parent company and the rapid escalation of the situation in Germany have now left no other option but to file for bankruptcy.
No more support from Germany
The background to this is the insolvency of the German parent company. This will now be finally liquidated at the beginning of September. The high costs in the operating business, particularly in the areas of IT and marketing, had made it impossible to continue the German parent company profitably in the face of strong competitive pressure.
However, with the rapid demise of the parent company, the systems required for continued operations in Switzerland are no longer available. Similarly, no further services could be obtained from the parent company. "Without these prerequisites, which were still in prospect until recently", the company would no longer be able to realign itself independently in the coming months. This is all the more true because talks with existing and potential investors have not borne fruit.
In June, it was reported that the insolvency of the German parent company would have no consequences and that business would continue to run smoothly. According to the statements made at the time, Weltbild Switzerland's processes were set up in independent structures parallel to the processes in Germany.
