Editor’s Note
**Editor’s Note:** The collapse of Furrer Jacot, a 165-year-old Swiss jewelry firm, underscores the severe impact of yen depreciation on traditional industries. This bankruptcy, resulting in 25 immediate job losses, highlights the far-reaching consequences of currency fluctuations beyond financial markets.
After years of financial difficulties, the traditional jewelry company Furrer Jacot from Schaffhausen has filed for bankruptcy. The company, founded in 1858, announced its insolvency on August 18, as reported by Gold’Or and the Schaffhauser Nachrichten. All business operations have ceased, and the 25 employees have been terminated with immediate effect.
In a letter to customers, owner and CEO Walter Häusermann explained the reasons behind the bankruptcy. The company had been operating in a challenging currency environment, explicitly citing its main market, Japan, whose currency experienced a sharp decline in the second quarter of 2022.
However, the causes of the bankruptcy date back further. In 2010, the company, which specializes in wedding and engagement rings, was already a restructuring case. At that time, Walter Häusermann took over the company including its debts. Seven years later, the high interest burden is now affecting the jewelry producer’s survival.
Additionally, the strength of the Swiss franc caused difficulties for Furrer Jacot in the 2010s, leading to a halving of the workforce. In 2016, the company relocated for economic reasons to the former steel foundry site in Schaffhausen.
Negotiations are still ongoing regarding the continuation of the brand. According to Häusermann, the company is now “taking the path into a rescue scenario through insolvency.” This step was necessary because a mezzanine capital provider decided against a potential official settlement during the transition to three existing interested parties. The plan is for the brand to be transferred to a new owner as part of insolvency proceedings. Whether this succeeds and how long it takes depends on discussions between authorities and interested parties. Häusermann emphasized that updates on further steps will be provided regularly.