Sponsored Content
Record Number of Company Bankruptcies in Vienna Burdens Economy and Labor Market
In Vienna, more than 1,100 companies filed for insolvency between January and September 2024, with the real estate sector particularly hard hit. This development contributes to rising unemployment, which has increased by 8.8% compared to the previous year. Experts blame the rise in the poor global economic situation, high inflation, and increased energy and rental costs. The increase is particularly worrying for retail and service companies, as shown by the example of Pepco, which has affected over 600 employees.
From January to September, over 1,100 Vienna-based companies, primarily in the real estate sector, entered insolvency, marking a new record and increasing unemployment. / Picture: © Wikimedia Commons; Ogre, CC BY 3.0
There will be a record number of corporate insolvencies in Austria this year, writes the Alpine Creditors' Association (AKV) based on data from the first nine months. More than 3,000 companies have already become insolvent, and the record of 3,364 bankruptcies for the year - set only last year - will probably already fall in October. In Vienna alone, 1,182 companies have gone bankrupt…
or Log In
Fast News Search