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Today, Wednesday, Gwiss & Aibler Gastronomiebeteiligungs Ges.mbH in Vienna, better known as “Stag’s Head”, filed an application for the opening of bankruptcy proceedings at the Vienna Commercial Court. This was announced by the creditor protection associations KSV1870 and Creditreform, which assumes that insolvency proceedings will be opened quickly.
The restaurant is located opposite the Allianz Stadium in Vienna, the home of Bundesliga soccer team Rapid Vienna, and was particularly popular with fans. Because of the corona pandemic, there was a “considerable drop in sales” that could no longer be compensated for, according to a broadcast. The increased food and drink prices would also have led to the inability to pay.
The liabilities amount to around 150,000 euros, 18 creditors are affected. The restaurant is relatively large. “A home game of SK Rapid is equivalent to a full house in the applicant’s restaurant,” Creditreform quoted from the bankruptcy application. In the past, attempts were also made to generate sales with music performances. In the years 2018 and 2019, smaller profits were made with a turnover of more than 700,000 euros. According to a Kurier report, these were also successful because Rapid was able to host several home games in UEFA competitions.
The company is leased from the Ottakringer brewery. The “predominant part of the operating and office equipment is owned by the lessor”, reports Creditreform.
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