Chronext, a European watch e-tailer that had flirted with the idea of going public, announced this week that it has filed for voluntary administration.
Voluntary administration is akin to Chapter 11 bankruptcy reorganization in the United States.
“We see the current measure as a significant opportunity to reposition Chronext,” said Frederike Knop, managing director of parent company Chronext Service Germany GmbH, in a statement. “By initiating this procedure, we can make the necessary adjustments to secure the company’s future.… We are confident that this strategic decision lays the foundation for an even stronger and more customer-oriented Chronext brand.”
In its statement, Chronext—which…
