The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Hotel / Restaurants Accommodation And Food Service Activities Food And Beverage Service Activities 56.1 - Restaurants and mobile food service activities
113 jobs Number of planned job losses
Announcement Date
17 November 2016
Employment effect (start)
17 November 2016
Foreseen end date
Description
Food4you, owner of the restaurant chain Schnitzelhaus, declared insolvency affecting 113 employees. The company, with headquarters in Gießhübl (Lower Austria), is indebted with €4.5 million and went bankrupt after taking over and terminating most of the existing franchise contracts. Costs for taking over franchises exceeded calculations as in many cases judicial procedures were necessary. Food4you has entered re-organisation proceedings. A bailout plan has been offered to debt holders and negotiations with potential new investors are on its way. The company stated intention to keep the business up and running after restructuring.
Sources
17 November 2016: Die Presse
17 November 2016: Der Standard
21 November 2016: Wiener Zeitung
Citation
Eurofound (2016), Food4you, Bankruptcy in Austria, factsheet number 89367, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89367.
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