A well-known bakery goes bankrupt by millions

“An old mill wheel testifies to the bakery’s long history, which can be traced back to 1717. However, it is assumed that the mill and bakery date back to the 13th century. At that time, everything in the country belonged to the well-known Ranshofen monastery. In 1990, Hermann Zagler took over the small business and expanded it into a medium-sized craft business,” says the company’s website.

We are talking about the Zagler Bread GmbH based in Neukirchen an der Enknach. It has filed an application for the opening of restructuring proceedings with self-administration at the regional court in Ried im Innkreis. Stefan Weber from Creditreform confirmed this to the KURIER. 178 creditors and 66 employees are affected by the insolvency.

Six branches

The bakery’s current GmbH with six branches in Altheim, Bürmoos, Handenberg and Braunau as well as in Mattighofen was founded in 2011. According to the debtor, the reasons for the insolvency are the increase in personnel costs and the fact that the business segment development remained below expectations due to changes in consumer behavior.

The debts

The liabilities amount to 1.77 million euros. The creditors are offered a quota of 30 percent within two years.

Closure of two branches

“The continuation is to be achieved through various savings and restructuring measures, for example the product range is to be revised, the branches are to be reorganized so that there is a central production of the run-of-life goods at the headquarters in Neukirchen an der Enknach, and the “reseller” and “markets” segments will be promoted. In addition, the Bürmoos and Handenberg sales outlets will be closed. Around 60 jobs will be retained in this way,” said the AKV.

Continued operation is being reviewed

“The restructuring administrator appointed by the insolvency court will examine whether the restructuring and continuation of the company intended by the debtor is possible without further losses for the creditors,” says Petra Wögerbauer from KSV1870.

Balance sheet loss 2022

The company posted a balance sheet loss of 140,000 euros in 2022, and negative equity was 66,500 euros. A note on the 2022 balance sheet states: “Equity is negative. Due to a positive forecast of continued existence presented by the management, there is no over-indebtedness within the meaning of insolvency law.” Debts were valued at 1.37 million euros. Meanwhile, property, plant and equipment were listed at 2.767 million euros.

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