Fashion chain Companys is insolvent and closes stores
The fashion chain Companys has filed for insolvency. Twelve of the 21 stores across Switzerland have been closed, while nine locations will continue to be operated by the rescue company ITS Retail.
The remaining Companys locations are the stores in Lucerne, Zug, Zurich-Sihlcity, Zurich-Usteristrasse/Bahnhofstrasse, Zurich-Limmatquai, Bern-Spitalgasse, Basel-Marktplatz and Basel-Stücki, as well as the outlet in Landquart.
Companys justifies the bankruptcy with the banking and Greek crisis as well as the abolition of the minimum euro exchange rate. These developments have greatly unsettled consumers and further opened the doors to border and Internet shopping, according to a statement. (ah)
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