Thursday April 2nd 2020
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Problems have been around for a long time. But it is only the consequences of the coronavirus pandemic that will finally put an end to it: the Vapiano restaurant chain, with 55 branches in Germany, wants to open insolvency proceedings.
Because of the coronavirus crisis, the already battered restaurant chain Vapiano is filing an application to open insolvency proceedings at the Cologne District Court. The board of Vapiano SE had decided that, the company said. At the same time, it is being examined whether bankruptcy applications have to be made for subsidiaries of the Vapiano Group.
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The company announced its bankruptcy on March 20, stating that the bankruptcy was due to the drastic drop in sales and earnings. At the same time, the company had made an “urgent appeal to the federal government to quickly implement economic aid in the Covid 19 crisis”. The board hoped to be able to turn away the bankruptcy application offered within a period of three weeks.
Significantly increased liquidity requirements
Vapiano SE now announced that no solution had been found for the liquidity requirements, which had recently increased significantly due to the Covid 19 crisis and totaled around EUR 36.7 million. “In particular, no final agreement could be reached with the financing banks and key shareholders on the contributions to the comprehensive financing solution sought,” CFO Lutz Scharpe wrote in the mandatory announcement for the stock exchanges. In the absence of an agreement on such a financing solution, the prospective funding from Covid 19 state support programs could not have been applied for.
All restaurants operated by Vapiano SE remained closed until further notice due to the Corona crisis, it was said. However, German and international franchisees are not directly affected by Vapiano SE’s insolvency. Vapiano SE operates 230 restaurants worldwide, 55 in Germany.
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