The stores of the second largest Swiss footwear chain Vögele Shoes will close before the end of the year. On October 13, the company received a four-month moratorium on restructuring its debts, but failed to find sources of financing to improve its financial condition, according to swissinfo.ch.
Vögele Shoes was founded in 1922 in the city of Uznach in the north-east of Switzerland as a family-owned shoe-making business, and actively developed remaining an independent family business until 2018, when it was bought by the Polish group of companies CCC Group. In 2021, the company came under the control of the German firm cm.shoes and the Munich-based investment company GA Europe. The new owners intended to "definitely move the Swiss company into a digital future".
At the same time, even before the pandemic, Vögele Shoes experienced sales difficulties, and the pandemic and temporary “lockdowns” were the last straw that led to the need to close the old brand.
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