Austrian drug store chain Dayli filed for court-supervised restructuring on Thursday, acknowledging it had failed to deliver on its concept for neighborhood stores and saying nearly 3,500 jobs were at risk. (Chosen excerpts by Job Market Monitor)
The filing in Linz poses a fresh test of whether Austria’s strong safety net that gives it the European Union’s lowest jobless rate can handle a wave of corporate failures, including that of Alpine, the country’s second-biggest construction group.
Investor Rudolf Haberleitner launched Dayli a year ago from the Austrian remnants of Germany’s failed Schlecker group, but had to throw in the towel and let an administrator take over.
The company said it had 49 million euros ($63.6 million) more liabilities than assets based on break-up valuations.
It proposed paying creditors 25 percent of their claims.
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via Austrian jobs on line as retailer Dayli fails | Reuters.
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