Lack of funds
Swing Kitchen restructuring fails after all
The creditors had only recently approved a restructuring plan. But now everything is different: the vegan fast food chain Swing Kitchen is slipping into insolvency.
"Together with the owner representatives who were willing to provide financing, the management had worked hard until the end to find a solution with well-known investors from the food service industry. However, as the necessary funds could not be made available in time, the only remaining step was to file for insolvency for the entire group," reads a statement from the group of companies consisting of Schillinger Vegan Holding GmbH and Swing Kitchen 019 Wien Mitte GmbH.
What happens now
All seven branches in Austria are affected. Around 130 employees are now fearing for their future. The franchise outlets - two in Vienna and one in Bern - will remain open for the time being.
The insolvency administrators will now decide whether individual branches will continue to operate or be sold. Swing Kitchen is no longer aiming to restructure itself, but is promising support for the "best possible liquidation".
This article has been automatically translated,
read the original article here.
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