Business News – Franck Muller Went Bankrupt… For 8 Days Only (and for a stupid reason)

By rolex
April 6, 2021
2 min read

As you may know, I’m French and in this manner, I oftentimes read Le Temps, a conspicuous Swiss paper – especially known for its respected section devoted to the watchmaking business. What’s more, what an unexpected I discovered here . For sure, Franck Muller, one of the primary makes of Geneva, failed. We as a whole realize that the condition of the business isn’t the awesome the occasion, yet at the same time, this appeared to be a genuine shock… until I read the whole story!

According to the authority journal of the Canton of Geneva, watch brand Franck Muller was declared in default by a court of first occurrence on April 24, 2017. Consequently, Franck Muller was authoritatively bankrupt. Thinking about the condition of the watch business, commentators and financial aspects columnists promptly started to speculate that the brand established by Mister Muller in 1991 was confronting financial trouble. Things being what they are, this was not really the situation by any means! Everything began with a contested receipt of… 57,70 Swiss Francs. Indeed, the cost of a nice supper in Geneva.

The entire story, which has now become something of a joke (a awful one for sure), began with a receipt because of a promoting and announcements company, APG/SGA. This receipt alluded to a publicizing effort that the watch brand needed to display in Geneva air terminal. The last being under development, Franck Muller contested the installment of the whole receipt of CHF 57,70. Notwithstanding, the regulatory machine was dispatched and a court chose on April 24 that the Company Franck Muller was defaulting and along these lines bankrupt. The terrible joke went on for 8 days, as the next week, the Civilian Chamber dropped this judgment, thinking about the low measure of the receipt and its installment (charges and interests included) by the interested company. A “ridiculous story that is currently solved“, as said to Le Temps by the Director of Franck Muller, Nicholas Rudaz.

Indeed, Franck Muller, a company held by Armenian businessman Vartan Sirmakes, actually utilizes to date 370 partners in Geneva and 630 in Switzerland. Furthermore, the company is going to grow creation offices with another 16,000sqm structure in Genthod, a city near Geneva, where the central command (nicknamed Watchland) are located. No motivation to stress over Franck Muller, which appears to be a long way from being bankrupt.