Restructuring planned

Smartwatch manufacturer slides into bankruptcy

The company from Traun stands for high-quality smartwatches.(Bild: Viita Watch)

Viita Watches specializes in the development of smartwatches in the luxury segment - now the company has run out of money. The Upper Austrian company filed for insolvency on Wednesday. According to AKV Europa, the liabilities amount to 5.6 million euros.

Viita Watches took part in the Puls4 TV show "2 Minuten 2 Millionen" in the past, and at the end of 2022, the company from Traun (Upper Austria) was able to raise fresh money from Tauros Capital, which in return secured a share of sales.

However, the specialist for high-quality smartwatches has now run out of money. According to the insolvency application, the company made a considerable loss in the past financial year.

16 employees affected
According to AKV, liabilities of 5.6 million euros are offset by assets of 2.5 million euros. There are currently around 1,000 watches in stock and there are also new projects to take the company into the future. Viita Watches most recently employed 16 people.