This is why Charles Vögele leaves Hungary

All clothing stores of Vögele are closing by the end of August.

The Charles Vögele Hungary Commercial Ltd. is closing all its stores by the end of August – according to Világgazdaság. The information was confirmed by the Swiss company.

HR manager Judit Kiss stated that Charles Vögele had already closed his stores in all European countries.

Because of the bankruptcy in Austria

and the cooperation with the Austrian organisation, further operation in Hungary was made impossible. 

Closing all the business activities of the company is going to be a very short process. The Charles Vögele Hungary tries to hand over its premises and employees to new renters and employers – but no further details were provided. Based on the news portal’s information, the stores are not going to be closed at once, but step by step instead. 

The Ltd. has no publicly available account about its economic data of 2018 just yet. At the end of 2017,

the company had 27 stores in Hungary, 

and the average number of its employees was 194. 

The success rate of the Hungarian subsidiary company is not that high, but this is not the main reason for the closure. The biggest problem was that the parent company – Sempione Fashion – has been under financial moratorium because the Swiss local court started the temporary bankruptcy proceedings. There are four months maximum for this process, and by the end of it, liquidation would be put into perspective.

Source: vg.hu