RJ Watches announces bankruptcy

The Board of Directors of RJ Watches SA in a sudden move on February 27, 2020, announced the company’s bankruptcy application. The press release explained that the Board had been informed of the decision of Alliance Investment Group SA, its majority shareholder, to stop investing in the company. As this unpredictable decision was communicated with immediate effect, it made the continuation of business impossible and the search for a possible buyer unfeasible within such short time. Consequently, the Board had no other choice than to file for bankruptcy and dismiss all of its employees, meaning job losses for 33 people. Marco Tedeschi, CEO, and the entire RJ team conveyed their regrets.