Swiss Watch Brand HYT Has Filed for Bankruptcy
HYT, the ultra-niche Swiss company known for watches that tell time via capillaries filled with fluid, has filed for bankruptcy. According to a letter written by the chairman, Patrick Berdoz, and COO, Michel Nieto, HYT was not able to raise the capital it needed, “due to a blockage from institutional shareholders.” According to Robb Report, Michel Nieto will now take the reins as CEO in an effort to bring it back from the brink of collapse. The business was founded in 2012 and run by Gregory Dourde, who is stepping aside from his role as CEO to focus on working with Preciflex, which was previously a minority client of HYT, serving as an R&D leg for the company’s fluid timekeeping endeavors. After-sales services for current owners of HYT models will be run by Preciflex. Currently, prices on the secondary market are trading under retail.