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Watchmaster files for bankruptcy after theft

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.

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Marius Ochs | Stuttgart,30.11.2022

Watchmaster files for bankruptcy after theft — Watchmaster ist ein Marktplatz für Luxusuhren. (Foto: Mauricio Souza Mau/Pixabay)

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

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

The burglary happened on Nov. 19, 2022, when Watchmaster rented vault space 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. The stolen watches only partially belong to the company. The larger part belongs to customers who wanted to sell their watches through Watchmaster for commission. The affected parties have been informed, and the insurance coverage is said to be in effect.

Watchmaster, on the other hand, will only get back the purchase price of its watches. Costs in preparation, certification and marketing are not reimbursed. In the current Christmas business, future sales and margin are now missing, a positive continuation 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.