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Markets have collapsedMontres Villemont files for bankruptcy

The commercial crisis also takes its toll on timepiece industry. The watch manufacturer Villemont SA from Vernie in Switzerland is the first casualty. The company with 14 employees had to turn over their financial statements to the Geneva commercial court and declare bankruptcy. The main reason for the insolvency is that the company's most important markets in Asia and Eastern Europe have collapsed.

In 2007, the company had sold 311 watches and reported sales of CHF 1.1 Mio. In fiscal year 2008, 311 watches were sold in the first nine months and sales climbed to CHF 2.4 million in the first three quarters. From October 2008, however, sales fell to virtually zero, resulting in a monthly liquidity requirement of about CHF 400,000.