Final sale as Cosmos is to be liquidated

Bankrupt electronic consumer goods chain Cosmos will be liquidated, it has been announced today (Fri).The Creditors’ Protection Association of 1870 (KSV 1870) said the decision was made after negotiators failed to find a “suitable follow-up solution” for the company which went bust earlier this year.KSV 1870 said the remaining articles would be sold at its branch in Brunn am Gebirge just outside Vienna until 17 April. All items are currently on offer with a 40 per cent discount at the store in the Lower Austrian town.Only 74 of the firm’s initial 1,156 staff are still employed.KSV 1870 explained the next step would be discussing details of returning properties where 27 Cosmos branches were located to renters.Creditors’ demands from the Austrian company have not yet been revealed, but will emerge on 21 April when Vienna’s Commercial Court looks into the case.Cosmos, which was founded in 1975, has debts of around five million Euros. The company entered bankruptcy proceedings in January after trying in vain for months to find an investor.The firm had losses of 11 million Euros in its 2008 business year.Its demise is one of Austria’s biggest business bankruptcies so far this year.