According to Slothurner Zeitung, the hard-hit Grenchen watch company, Eterna is facing more trouble after its newly appointed CEO, David Traxler, appointed in March this year is leaving the company. At the same time, he is also leaving Corum, where he served as CEO for one and a half years. Both companies are owned by the Hong Kong-based Citychamp Watch & Jewellery Group Limited.
For the past year, Eterna was burning millions of Swiss francs in losses, only in 2016 they had to write down 11 million Swiss francs. Unfortunately, besides all the layoffs of the past months, Eterna will have to let go more personnel, even the service department is moved to La Chaux-de-Fonds.
The only department that so far seems to be unaffected by the restructuring is the Eterna Movement Company with about 35 employees.
A quick search on Google shows that even the grey market websites are clearing their Eterna stocks. It’s sad to see a Swiss watch brand founded in 1856, creators of legendary pieces like the Eterna-Matic and the Kon-Tiki, to be on the brink of extinction.