27. 09. 12. - 15:03
Austrian firm with base in Ireland is insolvent
The Vienna-based jewellery chain Pierre Lang is insolvent.
According to the Kreditschutzverband 1870 (KSV) that monitors firms credit ratings and acts for creditors, the company Pierre Lang Europe Handelsgesellschaft m.b.H. with its headquarters in the Liesing area of the capital is insolvent together with daughter company Hans Andersen Ges.m.b.H. and parent company Andersen Holding.
According to KSV officials, about 280 staff are affected as well as around 850 creditors.
The company was founded in 1961 by the brothers Hans and Peter Andersen and their Sterling Silver collection currently contains around 925 different pieces which are put together in Vienna and Ireland.
They are then sold by a network of several thousand private partners who sell the jewellery by inviting selected guests often friends and family to private selling parties.
Liquidators are currently looking at whether it is possible for the company to continue on and whether it is possible to reach a deal with creditors to allow them to accept 20 per cent of what they are owed in exchange for allowing the firm to continue.