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Business owners delaying sales

August 2009 - Employment. Legal Developments by Ambruz & Dark.

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The economic downturn has made layoffs and bankruptcies commonplace as of late, and companies of all sizes and reputations have been humbled by the turmoil.

While their own bottom lines have faltered, companies have also seen their actual values bottom out, making acquisitions a bargain for those who can afford it, and a loss for those forced to sell.

Key Czech industries have stumbled, including glass-maker Bohemia Crystalex and Ĺ koda Auto, leaving thousands jobless, often concentrating unemployment in communities surrounding factories. But all companies, no matter the extent of damage from the crisis, have seen their values plummet recently, and those that had been looking to sell are facing an abysmal market.

"Buyers are submitting bids for lower prices, and we actually know about cases where the bidding price of the company decreased by half from April to November 2008," said Miroslav Bratrych, a partner at PricewaterhouseCoopers (PwC).

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