Switzerland: Half of Hotels and Restaurants Risk Bankruptcy

Almost half of Swiss companies in the restaurant and hospitality sector are at risk of bankruptcy by the end of March without state aid to face the consequences of the restrictions imposed by the fight against COVID-19, warned Sunday the representative federation of the sector, the Inspired Traveler reported. The Swiss government is likely to extend this week the closure of bars, restaurants and entertainment venues across the country until the end of February, with hopes of rolling back the still high number of COVID-19 cases and of deceased. These restrictions were originally scheduled to be lifted on January 22. But “by the end of March, half of all establishments in the hotel and catering industry will go bankrupt if they do not receive financial compensation now,” warns GastroSuisse, the federation of hotels and restaurants, in a press release. Restoration. The organization, which surveyed around 4,000 restaurant and hotel owners, says 98% of them are already in dire need of financial support. “The existence of many of them is even threatened if they do not receive money now,” warns the president of GastroSuisse, Casimir Platzer, quoted in the press release. “Before the crisis, more than 80% of establishments had good, even very good liquidity. In the space of a month, 80% of establishments found themselves in a very bad situation ”, deplores GastroSuisse. Read more.