1000 watches captured: Berlin luxury watch dealer bankrupt after burglary

In mid-November, previously unknown thieves cleared out the safe of a Berlin watch retailer.

1000 watches captured: Berlin luxury watch dealer bankrupt after burglary

In mid-November, previously unknown thieves cleared out the safe of a Berlin watch retailer. 1000 watches are stolen. The company is now filing for bankruptcy.

Luxury watch retailer Watchmaster ICP has filed for bankruptcy after its vaults were broken into. The company announced this. The District Court of Charlottenburg has appointed a provisional insolvency administrator. The vault on Fasanenstrasse in Berlin was broken into in mid-November. According to the information, the perpetrators stole 1,000 watches with a sales value of more than ten million euros. The State Criminal Police Office's investigations are ongoing. The company describes itself as one of the largest retailers of certified second-hand luxury watches.

Some of the stolen watches belonged to the company. The majority, however, came from third parties who wanted to sell the watches with the company's help. Watchmaster ICP would have received a commission for this. While the owners receive the damage from the insurance company, the company only gets the purchase price for its watches, it was said. However, this does not cover the costs that have been invested in processing, certification and marketing. "Under these unexpected circumstances, the company is no longer able to make a positive going concern forecast. The incident is forcing us into bankruptcy," Watchmaster ICP said.

According to the company, it employs 75 people in Berlin, Paris and London. "We are deeply dismayed at the harsh consequences this incident has had for everyone involved." Further sales locations are to be opened in the coming year. The plans have now been scrapped overnight.

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