Creditors approve plan allowing Rosen Waibel to continue

Creditors have approved a restructuring plan allowing flower retailer Rosen Waibel to continue operating, although on a significantly smaller scale, ORF Vorarlberg reports. The company, based in Mäder, had to file for insolvency in June with around 2.5 million euros in debt.

Under the plan approved at the regional court on Thursday, creditors will recover 40 percent of their outstanding claims. The company has closed its production operations, while staffing at its garden centre has been cut from 23 to 12 employees.

Owner Marco Waibel said the business had faced a difficult period but had been supported by its employees, suppliers and customers. Rising costs for heating greenhouses, electricity and transport had put pressure on the company, while large foreign suppliers had increased price competition in flowers and plants.

Waibel said the company had been forced to close its production operations as part of the restructuring. Flowers and plants will now be purchased from external suppliers, including in the Netherlands, with the aim of reducing costs and returning the business to profitability.