High debt: restaurant chain in crisis: Vapiano boss resigns

0
17

The boss of the battered restaurant chain Vapiano, Cornelius Everke, has announced his retirement for the end of August. A statement from the company cites personal reasons. The contract was terminated "by mutual agreement" on 31 August, it said.

The fast-growing restaurant chain has been in deep crisis for a long time. With a turnover of around 372 million euros, the company had to accept a loss of 101 million euros in 2018. This was mainly due to high depreciation and higher operating costs in the course of expansion. The debt mountain grew significantly. In the same area – ie excluding the new restaurants – sales fell by one percent.

According to the announcement, Vapiano has not yet found a successor to Everke. The Chairman of the Supervisory Board Vanessa Hall is to temporarily run the company until at least April 2020. The permanent succession should then be sought in a "structured process". At its regular Supervisory Board meeting on Tuesday, the Supervisory Board would like to extend the contract of CFO Lutz Scharpe for another three years until June 2023.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.