Business News – Franck Muller Went Bankrupt… For 8 Days Only (and for a stupid reason)
As you might know, I’m French and thus, I frequently read Le Temps, a prominent Swiss newspaper – especially known for its respected section dedicated to the watchmaking industry. And what a surprise I found here. Indeed, Franck Muller, one of the main manufactures of Geneva, went bankrupt. We all know that the state of the industry is not the best at the moment, but still, this seemed like a real shock… until I read the entire story!
According to the official gazette of the Canton of Geneva, watch brand Franck Muller was declared in default by a court of first instance on April 24, 2017. Thus, Franck Muller was officially bankrupt. Considering the state of the watch industry, commentators and economics journalists immediately began to speculate that the brand founded by Mister Muller in 1991 was facing financial trouble. As it turns out, this was not actually the case at all! Everything started with a contested invoice of… 57,70 Swiss Francs. Yes, the price of a decent dinner in Geneva.