Stock exchange day: Vapiano with change of boss and loss of millions

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The boss is gone, the capital cape thin: The listed German pizza and pasta Vapiano does not make it out of the crisis. It was only in December that Cornelius Everke had taken up his post as chief executive officer at Vapiano. At the weekend he surprisingly took his hat off. He gave personal reasons for this. Everke will be replaced by Supervisory Board Chairman Vanessa Hall from 31 August. Under her the rehabilitation course should be continued. The only Upper Austria location of the chain is Linz. Vapiano made 2018 with a turnover of 372 million euros, a loss of 101 million euros. One of the reasons for this is a failed expansion: The chain has around 230 restaurants worldwide. Everke wanted to reduce the number of new store openings, concentrate on the core European market and close down unprofitable locations. Only in early 2019 Vapiano wanted to sell his US business to a California service provider. The cash injection would have been important, but the buyer did not pay. Now we are looking for a new transferee. The Vapiano share traded at less than four euros on Monday afternoon, breaking a record low. Since the IPO in 2017, the share price has lost around 80 percent of its value.
The domestic index ATX rose 1.95 percent to 2,906.62 from its Friday close (2851.07).

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https://www.nachrichten.at/wirtschaft/boersetag-vapiano-mit-chefwechsel-und-millionenverlust;art15,3157605

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