01.11.2024 15:11
Germany's 338-year-old bakery chain Krachenfels has filed for bankruptcy due to rising energy costs and the effects of the coronavirus pandemic. The bakery chain, which has 29 branches and is also popular among Turks, recently decided to close 12 of its branches.
Due to the global economic crisis, many companies have declared bankruptcy one after another, and the latest addition to the list is Krachenfels, which has been operating in the bakery sector in Germany since 1686.
12 BRANCHES CLOSED
Krachenfels filed for bankruptcy due to high energy costs and the negative effects of the COVID-19 pandemic. On October 24, it applied to the Villingen-Schwenningen District Court to initiate the bankruptcy process. Recently, the company entered a restructuring process by closing 12 of its branches. Currently, it has a total of 29 branches.
PROVIDING SERVICE IN SUPERMARKET BAKERY SECTIONS
Rising energy costs and general price increases have made Krachenfels's financial situation difficult. In assessments made during the summer months, 12 branches were closed in regions such as Villingen-Schwenningen, Trossingen, and St. Georgen. During this period, the company was also providing service in the bakery sections of supermarkets.
VERY POPULAR AMONG TURKS
Krachenfels's rye bread and bagels were especially loved by Turks living in Germany. It will be revealed in the coming months whether this 338-year-old bakery chain can be saved from bankruptcy.