Watchmaster files for bankruptcy after theft

The watch retailer goes bankrupt after a burglary: 1,000 luxury watches were stolen. The Berlin State Office of Criminal Investigation is investigating.

A burglary in November has devastating consequences for Watchmaster. The watch retailer filed for insolvency after around 1,000 watches with a total sales price of more than ten million euros were stolen. On Tuesday, the company filed for insolvency at the Berlin district court. Philipp Hackländer from the law firm White & Case is the provisional insolvency administrator.

The burglary took place on 19.11.2022. Watchmaster rented vaults in a high-security facility in Berlin's Fasanenstraße. The theft was reported to the police on the same day, and the Berlin State Criminal Police Office is now investigating. Only some of the stolen watches belong to the company. The majority belong to customers who wanted to sell their watches via Watchmaster for a commission. Those affected have been informed and, according to the company, the insurance cover should apply.

Watchmaster, on the other hand, will only receive back the purchase price of its watches. The costs of reconditioning, certification and marketing will not be reimbursed. Future sales and margins are now lacking in the current Christmas business and a positive going concern forecast is no longer possible. Watchmaster was founded in 2015 and is one of Europe's leading retailers of luxury watches with 75 employees in Berlin, Paris and London. Business operations are to be maintained.