In the summer, Sven Voth, founder and long-time CEO of streetwear retailer Snipes, returned with a new retail concept. Now Higgins, his retail model inspired by the discounter principle, is insolvent.
Panthax GmbH, the company behind the chain, has filed for bankruptcy proceedings at the Vienna Commercial Court, as the Alpine Creditors Association (AKV) announced shortly before Christmas.
Higgins started with a total of ten branches in Austria, which opened simultaneously on August 28, 2025. The locations were in Vienna, Bruck an der Leitha and Eugendorf, among others – although not in city center locations, but mostly in peripheral locations with free parking. According to media reports, an expansion into Germany was planned from 2027, with up to 60 new branches per year.
Over for Higgins – close all ten locations
There are apparently no plans to restructure or continue the company. “According to its own information, the debtor does not intend to continue the company,” explained Alexander Greifeneder from the credit protection association KSV1870.
The AKV cites several factors as reasons for the insolvency. Sales in the first few months fell well short of forecasts – even in high-sales periods such as the start of school and the Christmas shopping season. At the same time, unexpectedly high construction and expansion costs had a significant impact on liquidity, as investments significantly exceeded the original plans.
In addition, high fixed costs had a negative impact, while revenue was not sufficient to cover them. In combination with the lack of liquidity and unrealistic sales assumptions, this ultimately led to insolvency, according to the association.
The insolvency affects 56 employees whose salaries were paid up to and including November. According to the debtor, the liabilities of Panthax GmbH amount to around 1.5 million euros. A total of 220 creditors are affected by the insolvency proceedings.