Discussions Β» π©πͺ Local operator entered insolvency procedures (π Visit source)
WorkRepublic (who manage 12 locations across Germany, generate β¬6M in revenue and has 13 employees) has entered into insolvency procedures. The provisional insolvency administrator Dr. Alexander Zarzitzky has made an initial analysis, secured salaries for the employees till March 2024 and is currently seeking potential investors.
Restructuring was made more difficult due to 3 shareholders being citizens of the Russian Federation, and due to sanctions on the banking infrastructure transferring fresh investments or funds were practically impossible.
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