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Although the program continues, nearly 50 employees are still affected.
The traditional Graz bakery Hubert Auer has gone bankrupt again after 2020. Although the company has been successfully restructured, it is now no longer liquid. This time around 50 employees are affected. The credit protection agencies KSV1870, AKV and Creditreform said on Monday that in the event of liquidation, liabilities would amount to around 2.5 million euros. Assets are less than 300,000 euros.
The company cited the loss of high-margin branches as the reason for its re-insolvency: Several lease agreements were due to expire in 2023. Despite efforts, no extensions could be made. There were also failed investments: Hubert Auer GmbH & CO KG invested considerable resources in the renovation and expansion of existing and new branches. But the planned sales and the required contribution margins could not be achieved, it said.
The third reason is inflation: raw material costs have increased by 40% to 50% in the past two fiscal years, and personnel costs have increased by 20%. Due to fierce market competition, this cost increase cannot be passed on to customers.
Restructuring Concept
The company plans to continue operating by implementing a restructuring concept. Branches with low contribution rates should be closed partially or completely. As a result, the administration must also make corresponding capacity adjustments. Production will be moved from the current Seiersberg plant to Gratkorn, which will significantly reduce costs. Preliminary negotiations have already taken place accordingly.
A new restructuring plan will be agreed with around 60 creditors to ensure the company can continue to exist through the associated haircuts and provide a 20% quota within two years.
In 2020, the bakery chain went bankrupt. At the time, its liabilities were close to 4 million euros and its assets were 680,000 euros. Of the original 77 employees, about 50 were still working in 16 branches after the reorganization. Now there are only 14 branches and 44 employees left.
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