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New wave of bankruptcies expected over following weeks

National News // June 3, 2020

The Geneva Department of Economic Development says it expects a wave of bankruptcies in the next few weeks. A spokesman says they’re trying to save as many businesses as possible with grants and loans. 

Photo by Melinda Gimpel on Unsplash New wave of bankruptcies expected over following weeks

The canton has injected around CHF 100m into the economy. 

The sector thought to be most at risk is hotels. Last week the 5-star Richemond hotel announced it may close temporarily. 

The Geneva Hotel Society expects a 75% drop in turnover. 

The tourist office says 70% of visitors are international. Meetings organized by the international organizations normally bring in 200,000 people into the canton every year. 

 

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