German restaurant chain Vapiano files for insolvency

Vapiano, the pasta and pizza chain headquartered in Cologne, Germany, has announced it is filing for insolvency.

According to a statement from Vapiano, which has 230 restaurants in 33 countries, 3 major shareholders filed for bankruptcy in the Cologne District Court after failing to agree on additional financing with the banks. The company announced on March 20 that there had been a serious decline in sales due to coronavirus and that they needed urgent financial assistance. Vapiano is also said to be in urgent need of € 37 million.