Vapiano files for bankruptcy
Author: Wardah Sempa | Friday 3rd April 2020
Vapiano, a German chain of Italian fast-casual restaurants, said this week that it plans to file for federal bankruptcy protection. The company has blamed its financial problems on closures related to the COVID-19 outbreak.
Vapiano had reportedly warned early last week that it was insolvent and requested help from the German government to avoid this step. On Wednesday, the company said it decided to file an application in Cologne, Germany, to open insolvency proceedings. It also said it has checked whether bankruptcy proceedings must be filed for subsidiaries of parent company Vapiano Group.
A couple of weeks ago, the restaurant also announced that it would close due to the COVID-19 outbreak.
Until next time 💔 #WereInThisTogether pic.twitter.com/7heVfbXCTa
— STAY AT HOME (@VapianoUK) March 20, 2020
All German resturants operated by Vapiano SE will remain closed until further notice, while German and international franchises are not affected by insolvency filing.
