Restaurant chain in crisis: Is save Vapiano yet?

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The chain of restaurants Vapiano intends to continue the rehabilitation after the unexpected departure of its boss. The current strategy will not change, said the Cologne-based company on request. On Sunday, the Chairman of the Board Cornelius Everke had only three-quarters of a year in office his resignation to 31. August to be announced – for personal reasons, it said. The company stressed that the resignation was “a hundred percent” on a voluntary basis. Vapiano is deep in red Numbers, the mountain of debt is high. With a turnover of 372 million euros, the chain of 2018 made a loss of 101 million euros. Reason, a wayward Expansion.

Everke wanted to bring the chain to the front man. He continued on streamlining the menu and improved workflows – long queues had some upset customers. The focus should be again, especially on profitability and less on a comprehensive global market presence.

pasta chain problems

“the Expansion is upheld” – Vapiano expects further losses in the millions

DPA

at the beginning of the year had sold Vapiano U.S. business-currently six Restaurants – for a financial package of US $ 20 million to a California service provider. However, the buyer is not paid on Friday at Vapiano was known then, to want to a new buyer are looking for. This financial injection would have been important for the struggling chain, with its world-currently about 230 Restaurants.

Vapiano’s stock is in the cellar

In the Vapiano message from Sunday it is, Everke see the company “in the current Phase of the strategic Transition well-positioned”. He was at the same time, but come to the realization that he can’t contribute his experience and expertise for personal reasons “for the foreseeable future in the planned scope for the benefit of society”. For the time being, the previous Chairman of the Supervisory Board Vanessa Hall, an experienced catering Manager to lead the company, and at least until April 2020. The permanent successor is to be found in a “structured process”.

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salad from the “Vapiano”-the founder: How is this man the green stuff to re-invent wants

The Supervisory Board would like to extend on Tuesday in its regular Supervisory Board meeting, the contract of chief financial officer Lutz Scharpe for a further three years to June 2023. On Wednesday, in turn, the annual General meeting of the company is in Cologne on the program – the crowds will be large, especially small shareholders are expected to vent their Anger. The Vapiano-share is in the basement, since the start of trading in 2017, she has lost more than 80 percent of their value. Also, the renovation price of Everke could not change that – after its announcement, the descent continued. This is also likely to have the major shareholders, the Tchibo-heirs of Günter and Daniela Herz, as well as the Wella heiress Gisa Sander, little like.

REUTERS topics in this article, the Vapiano restaurant chain Cornelius Everke Cologne, crisis Pizza focus

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