Reuters: Bankruptcy News: Austrian retailer Dayli closes, 2,000 jobs go

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

The Best Way to Manage your Money. Start using Mint today to set a budget, track your goals and do more with your money. From our sponsors

Austrian retailer Dayli closes, 2,000 jobs go Aug 12th 2013, 14:17 VIENNA | Mon Aug 12, 2013 10:17am EDT VIENNA Aug 12 (Reuters) - Drug store chain Dayli will close with the loss of 2,000 more jobs after no investor put up cash to prevent Austria's biggest retail collapse in two decades, its court-appointed administrator said on Monday. "Investors claimed up to the end they wanted to cover the running losses but the money did not come," administrator Rudolf Mitterlehner said in a statement, adding creditors and a bankruptcy court had agreed to pull the plug. The decision closes the last 522 Dayli stores and a warehouse. Outlets in Luxembourg and Belgium remain open for now, as does central management in the off chance that investors may want to buy assets out of bankruptcy proceedings. Around 40 percent of Dayli's shops closed last month to save money while the company hunted for an investor. Dayli's closure poses a fresh test of whether a strong safety net that helps Austria enjoy the European Union's lowest jobless rate can handle a wave of corporate failures. Maintaining its strong track record in tackling unemployment is a top priority for the government. Investor Rudolf Haberleitner launched Dayli a year ago from the Austrian remnants of Germany's failed Schlecker group, but had to throw in the towel and sold his stake to another investor just before the administrator took over. (Reporting by Michael Shields; Editing by David Cowell) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions