Veganz First Vegan Supermarket Chain Goes Bankrupt

The first wholly vegan supermarket chain has initiated a self-administered insolvency plan with its founder declaring the business model a failure.
Quelle: dpa
(Source: dpa)

Is it the end of the vegan revolution? Veganz, the first supermarket chain to completely renounce animal products,  initiated a self-administered insolvency plan in December, according to a report by the German newspaper Lebensmittelzeitung. At least four of nine stores in Germany are to be shut down. The parent company Veganz GmbH is not affected.

Founder Jan Bredack concluded that in general, the idea of a specialized chain has failed. "The model of a vegan supermarket has been overtaken due to the increasing supply of vegan products on the market," Mr. Bredack told the Lebensmittelzeitung in an article published earlier this month.

On Monday, Mr. Bredack issued a press release refuting headlines in the press claiming the parent company had to declare insolvency. "Based on our change of strategy towards a focus on the core business as a brand manufacturer, we are currently restructuring our branch business", Mr. Bredack writes. In order to achieve this, a self-administered insolvency plan for subsidiary company Veganz Retail GmbH was initiated, which is currently running four stores outside of Berlin.

Mr. Bredack opened the first Veganz supermarket in Berlin in 2011. All of the supermarket’s inventory is vegan, from soy sausages to condoms, made without being tested on animals.