Italian fashion brand OVS has 140 stores across the country.
Keystone
The Sempione Retail company, owner of the OVS fashion stores in Switzerland, has begun bankruptcy proceedings. Some 140 outlets will close their doors, with 1,150 workers affected.
This content was published on
1 minute
SDA-ATS/dos
The Italian clothes brand announced in a statement on Wednesday evening that it had reached a financial dead-end. It did not go into specific details, but said that it never managed to gain a foothold in the Swiss market since its 2016 takeover of the Charles Vögele brand.
The announcement comes after several waves of redundancies, including some 300 that were let go from the group’s headquarters.
The bankruptcy notice was handed down by a court in canton Schwyz, where the company is based. During the proceedings, the group said, it would try to liquidate stock in order to reach “the best possible result for all creditors and employees”.
Once this is done, and after a possible sale of other branches abroad, management plans to dissolve the entire company.
Mid-May, the company had already come under criticism by trade union UNIA, who attacked a lack of transparency in the recent successive rounds of lay-offs.
The 1,150 employees affected by the current changes were informed last week of the situation, the company said.
How is your country dealing with the return of stolen artifacts?
Western nations like Switzerland often have to deal with the process of recovering or returning looted artifacts which have been illegally imported. What’s the situation like in your country?
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
Swiss helicopter rescue pioneers safe autopilot approach system
This content was published on
Swiss air rescue company Rega has received approval for a new kind of instrument flight system for approaching a hospital.
Algerian to face trial in Switzerland for ties to Islamic State
This content was published on
A 51-year-old Algerian man has been charged by the Swiss Federal Prosecutor's Office for involvement in the banned terrorist group.
Sylvain Saudan, ‘skier of the impossible’, dies aged 87
This content was published on
The Swiss father of extreme skiing pioneered descents from the Alps to the Himalayas – and became the sport’s first star.
Hayek family buys additional Swatch shares for nearly CHF11 million
This content was published on
Following the acquisition of registered shares worth over CHF20.6 million on Monday, the Hayek family made another purchase on Tuesday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
LafargeHolcim announces major job cuts in Switzerland
This content was published on
The world’s largest cement maker LafargeHolcim will close its head offices in Paris and Zurich, triggering 107 job cuts in Switzerland.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.