- All 24 Weltbild stores in Switzerland are now closed, as the company announced on its website.
- The background to this is the insolvency of the German parent company.
- The Swiss subsidiary must file for bankruptcy.
- 124 employees are losing their jobs.
Weltbild Switzerland offered books as well as decorative, hobby, and leisure products online and in 24 stores in German-speaking Switzerland. Initially, the news portal “32Today” reported on the closure of Weltbild in Switzerland.
“With heavy hearts, we had to apply for the opening of bankruptcy for Weltbild Verlag GmbH on August 21, 2024,” reads the statement to customers. Employees were released from duty starting Thursday and no longer need to report to work, according to a letter to employees, which is in possession of the news agency AWP.
Swiss branch was profitable
The bankruptcy is all the more regrettable because the Swiss subsidiary has always been “a successful and profitable part” of the Weltbild group, writes Weltbild Switzerland in the communiqué.
Dependence on the German parent company and the rapid escalation of the situation in Germany have left no choice but to file for bankruptcy.
The background is the insolvency of the German parent company, which is set to be finally liquidated by the beginning of September. The high costs in operational business, particularly in IT and marketing, have made it impossible to continue the German parent profitably in light of the strong competitive pressure.
However, with the swift demise of the parent company, the necessary systems for continued operations in Switzerland are no longer available. Similarly, no further services can be obtained from the parent company. “Without these prerequisites, which were still promised until recently,” the company has no possibility to realign itself independently in the coming months. This is especially true since simultaneous discussions with existing and potential investors were unsuccessful.
In June, it was still stated that the insolvency of the German parent had no consequences and that business was continuing smoothly. The operations of Weltbild Switzerland were set up in independent structures parallel to the processes in Germany, according to those earlier statements.