Germany: 60 percent of stores close to bankruptcy

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The German Retail Association (HDE) said that the extended lockdown could lead to bankruptcy of many companies this year. The study, which surveyed 1,500 retail business owners, found that for almost 80 percent of respondents, current financial support is not enough to sustain them.

Without additional government aid, nearly 60 percent of city center stores would be on the brink of collapse. HDE requires an urgent simplification mechanism for further assistance. Those interviewed stated that no additional assistance had been received. The Association is demanding from Finance Minister Olaf Scholz to better adapt the application criteria to the current “painful” situation in the retail sector. At the moment, “there is still a chance to prevent the worst.” According to the survey, no help was received.

Many companies are pessimistic about the future: “23 percent report that without government support they will have to close in the first half of the year. Another 28 percent will cease to exist in the second half of the year, ”HDE reports, calling for urgent action.

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