The Austrian jewelry Frey Wille is closing its shop on Široká street in downtown Prague, part of a wider move to close down shops around Europe due to the lack of business from tourists. The daily E15 reports that the Prague shop’s revenues have fallen 55 percent since February. According to insolvency documents filed by the company, it has CZK 3.6m in debts while the value of its assets is just CZK 1.5m. “In view of the expected global fall in tourism,” wrote Frey Wille “it can’t be expected that the company’s situation will improve, given its currently critical economic status.”
