A well-known carrying goods store goes bankrupt by using the tens of millions

Around a hundred and twenty lenders and 137 employees are affected.

“Since autumn 2018, the Styrian group sports expert geomix has been a partner of the Austrian Bundesliga and acts as the clothes shop for all of the referees’ system. The current partnership has now been prolonged via a similarly three years and will consequently run until as a minimum summer season 2024,” it says at www.Oefbl.At. “In coordination with the ÖFB and the Bundesliga, geomix will preserve to equip all referees within the top and second-tier divisions and in go back will receive the coveted advertising area on the sleeves of the referee jerseys. In addition, cooperation in the area of vending might be intensified and the partnership with an appealing Advertising package supplemented inside the media of the Bundesliga.”

We are speakme about geomix AG based totally in Liezen. She has implemented to the Leoben Regional Court for the hole of restructuring complaints with self-administration. Iris Scharitzer from the Austrian Creditreform Association confirms this to the KURIER. There are around 120 creditors and 137 personnel affected.

The causes of financial ruin

The business enterprise deals with the sale of sporting items, particularly inside the crew sports activities area, each in direct income and via its own web save www.Geomix.At. The employer is positioned in Liezen and the other 3 branches are in Charlottenburg, Germany, in Strasbourg, France, and in Sittard, Netherlands.

“The reasons of insolvency lie in the vastly deteriorated financial situations inside the group sports and change in sporting goods, the crisis-related reduction in the potential insurance quantities in sub-business regions, the lack of a chief purchaser/business accomplice in Germany in addition to the high inflation and the shortage of fee changes,” says the creditor safety association Creditreform on the reasons of financial disaster.

Debt and wealth

At liquidation values, overall liabilities amount to around EUR 50 million, of which EUR 28.12 million is change payables and EUR 14 million is because of banks and leasing. If one subtracts the rights to segregation and segregation, around 38.86 million euros continue to be in liabilities.

The belongings are at liquidation values around EUR sixteen.21 million, of which EUR 10.22 million pertains to products, EUR 1.34 million to cash and coins equivalents, EUR 937,000 to receivables from affiliated organizations, EUR 541,000 to trade receivables and EUR 550,000 to other receivables.

The loose belongings are 5.01 million euros.

Partial closures

“The applicant has taken all important measures to ensure the continuing operation of the organisation throughout the restructuring process. A restructuring concept for the restructuring of the corporation turned into developed thru suitable restructuring measures inside the personnel and organizational place, which might be to be coordinated in element with the restructuring administrator,” says KSV1870 . “As part of the continuation, loss-making sub-areas are to be closed, contracts now not required for operations to be terminated and important internal organizational restructuring measures to be carried out.”

The debtor gives the creditors a restructuring plan with a quota of 30 percent inside  years.