Major Shoe Retail Chain Exiting Hungary
Salamander, the popular footwear chain, has announced that it will be closing its stores in Hungary for good. The company recently made the announcement on its Facebook page, stating that the owner has decided to discontinue retail operations in the country. As a result, the stores will soon close permanently.
In light of this news, Salamander has started a final sale in its stores, offering products at discounted prices. This is a great opportunity for customers to purchase their favorite shoes at a lower cost.
The decision to close the stores is not surprising, considering the company’s financial situation. According to the company database, Salamander has been experiencing losses for at least five consecutive years. The COVID-19 pandemic further exacerbated their financial struggles, with turnover falling by a third in 2020-2021. Last year, the company closed with a significant loss of €181 million, four times worse than the previous year before the pandemic.
The decline in the shoe trade industry and the negative economic impact of the war between Russia and Ukraine may have contributed to Salamander’s decision to leave Hungary. The company’s parent company in Germany also filed for bankruptcy protection at the end of last year and subsequently closed its stores in Austria as well.
Salamander’s presence in Hungary dates back to the late 1920s, but its shops were nationalized after World War II. The company reintroduced its products to the Hungarian market in 1989. In the late 1990s, Salamander acquired the former Tisza shoe factory in Martfű and the Sabona shoe cooperative in Bonyhád. Despite these efforts, the company faced challenges, and its subsidiaries in the former Soviet bloc countries struggled to generate profit.
The closure of Salamander’s stores in Hungary marks the end of an era for many loyal customers. One commenter on the company’s Facebook post expressed their nostalgia for the brand, recalling how Salamander shoes were of the best quality, lasting for years with proper care.
It is unfortunate to see the departure of Salamander from Hungary, but it serves as a reminder of the challenges faced by businesses in today’s economic landscape. As the final sale continues, customers can take the opportunity to purchase products at discounted prices and bid farewell to a beloved footwear brand.
(Note: The featured image in this article is for illustrative purposes only and does not directly represent Salamander’s products.)
