Bitter bankruptcy of a well-known Chinese restaurant

“It’s very simple! You take a plate and go to our buffet. There you simply take whatever you feel like. You can repeat this process as often as you like. You don’t have to wait, as is the case with running sushi, and you don’t have to worry about the person at the table in front of you snatching your favorite sushi away from you. However, if you want to stay at your table, we also have a menu where you can order the individual dishes,” says the restaurant’s homepage. “The ““All You Can Eat Sushi” in Vienna is very popular and we are very happy to be able to offer you this Japanese speciality, fresh and tasty.”

About the assets of SANYUAN Restaurantbetriebs GmbH Based on a self-application, restructuring proceedings without self-administration were opened today at the Vienna Commercial Court.

It was founded in 2009 and operates the Chinese restaurant “Lucky Wok” at Wagramer Straße 198B, 1210 Vienna. It employs 25 people. Venka Stojnic from Creditreform confirmed this to the KURIER.

The causes of insolvency

“During the Covid 19 pandemic, normal business operations were not possible and business only started slowly after the Covid measures were lifted,” said Creditreform. “According to the company’s own application, the resulting drop in sales, together with the inflation-related increase in all costs, in particular running costs, personnel and material costs, but also rent and electricity, have exacerbated the company’s economic situation or put it into difficulty.”

Price adjustments

According to the insolvency application, the company’s continued existence is financially secure. “Restructuring measures in the form of price adjustments and the amount of food on offer have already been adjusted,” it continues. The company is offering creditors a 20 percent restructuring plan quota, payable within two years.

In the 2022 financial year, the SANYUAN Restaurantbetriebs GmbH reported a retained profit of EUR 1.529 million and liabilities of EUR 1.85 million.