No continuation
Traditional Graz fashion house Knilli is insolvent
Cost increases, corona and the building site: Graz fashion store Knilli has to file for insolvency, according to the Alpine Creditors' Association AKV.
The clothing store on Joanneumring in Graz specialized in selling high-end fashion. Brands such as Burberry, Balenciaga, Balmain and JW Anderson were on sale here - for men and women.
But now the fashion store is over-indebted and has to close. 775,000 euros are on the liabilities side, the assets amount to 196,500 euros, and the remaining goods are only worth 80,000 euros.
Building site as one of the reasons
The reasons for the insolvency: "After-effects of the coronavirus pandemic and massive cost increases in the areas of energy, rent and wages," writes AKV. "Furthermore, operations have been massively impaired by construction sites in the immediate business area in the recent past. Most recently, there may also have been disagreements between the shareholders."
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