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Thread: Fortis reportedly filed for bankruptcy

  1. #1

    Fortis reportedly filed for bankruptcy

    It has been reported on the 24 heueres website that the watch brand Fortis Uhren has filed for debt protection under Swiss insolvency laws.

    The Swiss Official Gazette of Commerce (SOGC) website lists documents dated 21 November 2017, 23 November 2017 and 24 November 2017 showing that the Civil Court of Soleure-Lebern has granted Fortis debt deferral in the form of a collocation plan and six months for debt cancellation, ending on May 20, 2018

    During this six month debt restructuring period, an agreement can be negotiated with the creditors to provisionally ensure the continued existence of Fortis
    https://horologium.com.au/2017/11/29...debt-deferral/

  2. #2
    Craftsman MarkB's Avatar
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    Bad news. One of my favourite brands.
    I assume, in the end, someone will by the name.....

  3. #3
    Master
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    One of many more to come, I suspect. Watches are, in general, very expensive and very poorly designed these days.

  4. #4
    Journeyman
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    I am sure there will be a lot of interest from investors,,

  5. #5
    Grand Master
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    Shame, wonder if a fire sale will ensue. I did wonder when they launched the colours range if they needed cash fast.
    ktmog6uk
    marchingontogether!



  6. #6
    Master
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    I always liked the look of fortis watches

  7. #7
    Shame. A very long standing brand. It will I am sure, soon be Fortis (China), as per...

  8. #8
    Master Lampoc's Avatar
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    It's a real shame as I was always rather keen on Fortis but at the same time I'm hardly surprised. A lot of people on TZUK like them but when was the last time anyone here bought a brand new Fortis? Or at least bought one that wasn't massively discounted? Can anyone remember the last thread started about one of their new models? There's no brand recognition either (in the UK at least - I can't speak for other countries): I'd guess 99% of the general public have never heard of them.
    Last edited by Lampoc; 29th November 2017 at 08:46.

  9. #9
    Grand Master Onelasttime's Avatar
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    It's a great shame, but as Lampoc says, how would anyone know they exist except watch nerds?

    I've had three Fortis watches - two pilots and a pilot chrono with the 7750 movement. I always wanted the Lemania Cosmonauts but they go for silly money.

    They've always been extremely well made and solid watches, and the B42 range has some great looking models, albeit a bit big for me.

    Now's the time to start looking for another used model before the prices go really nuts.

  10. #10
    Agreed, a real shame. Some very nice watches. But like a few other brands the suffer at the hands of the bigger players, who appear to offer a lot more for a little bit extra.
    It's just a matter of time...

  11. #11
    Master .olli.'s Avatar
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    A real shame, I really like Fortis watches. I think they were operating in a tough segment of the market, somewhere between the "entry level quality watch" and the bigger brands.

  12. #12
    Master sweets's Avatar
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    That is a shame, a brand that had managed to maintain an old hertage and generate a newer one with the space connections.
    The recent (maybe 3-4 month ago) price realignment (well, fire sale really) was the tip-off that all may not be well.
    Some of the new models look great too.
    They had a slight problem in that they didn't quite do "tool" as well as Sinn or Damasko, but tried to, and their other offers looked a bit like tool watches dressed up to be a bit more elegant.
    I would still like to try one of the Marinemaster LE chronos.
    I have had several Fortis watches, the Titanium LE (Lemania 5100-powered), two of the fortis Cosmonaut chronos (again, 5100) and 4 of the Ducati LE ones (I found a bunch of them languishing unbought in a Leeds Ducati dealership). That last group was the real foundation of my collection.
    I am sure the name will be picked up.
    Dave

  13. #13
    Grand Master number2's Avatar
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    Quote Originally Posted by Lampoc View Post
    It's a real shame as I was always rather keen on Fortis but at the same time I'm hardly surprised. A lot of people on TZUK like them but when was the last time anyone here bought a brand new Fortis? Or at least bought one that wasn't massively discounted? Can anyone remember the last thread started about one of their new models? There's no brand recognition either (in the UK at least - I can't speak for other countries): I'd guess 99% of the general public have never heard of them.
    This sums it up for me, until I joined TZ I'd never heard of the brand, always fancied owning one but never seemed to get around to it, maybe now's the time.
    "Once is happenstance. Twice is coincidence. The third time it's enemy action."

    'Populism, the last refuge of a Tory scoundrel'.

  14. #14
    Craftsman
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    I hadn't heard of them either, and given their look / price / discounts I saw them as a Christopher Ward / Steinhart kinda thing?

    Honestly, I still don't know much about them, but it's always sad to hear of watch brands failing...

  15. #15
    That is sad news. I was rather taken by them many years ago an did buy one of the Ducati edition 5100 chronos, from Sweets, long before I fell upon this forum. There are now 10 Fortis in the collection and I am still fond of all of them. Hopefully someone will be found to keep the name alive.

    Last edited by notnowkato; 29th November 2017 at 17:51.

  16. #16
    Craftsman
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    Shame, I never got round to owning one I am to revisit the brand.

  17. #17
    Master
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    They have a lot of models I like, let’s hope someone rescues them

  18. #18
    Craftsman
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    Well, I did like some of the models, but not enough to buy one. Clearly I am not the only one.

    It is a very competitive market, the industry grew a lot, but now several brands will simply fail given the recent downturn. It is called capitalism.

    Sent from my SM-G955F using TZ-UK mobile app

  19. #19
    Very sad news indeed. I had Fortis Flieger while ago and it one of the watches I would happily own again - very good legibility, slim, good size.


  20. #20
    Quote Originally Posted by bwest76 View Post
    They have a lot of models I like, let’s hope someone rescues them
    I'm not sure they're a brand worth saving. They operate at a very competitive price point. At their bottom end they're competing with the Smart Watch market, at their top end they're up against much better known brands like Tag Heuer.

  21. #21
    Master witti's Avatar
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    Quote Originally Posted by chrisparker View Post
    I'm not sure they're a brand worth saving. They operate at a very competitive price point. At their bottom end they're competing with the Smart Watch market, at their top end they're up against much better known brands like Tag Heuer.
    I can't agree. They have some history behind from claiming to be the first to sell automatic watches to some actual space watches in the Russian space program. Also had real cooperation with a few air forces. In my view their pedigree was easily up to the competition. I would rather say they are more credible than many today more successful but younger and "so flying or space oriented" brands out there.


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  22. #22
    Master Alansmithee's Avatar
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    I notice they quite a Fortis are in the black Friday sales - worth seeing what retailers say about the warranty if the company goes under before buying one.

  23. #23
    Master Shakespeare's Avatar
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    It will be a shame if they go under and the name all but disappears.
    I first became aware of the brand when I bought a copy of Wristwatch Annual 1999 and was quite taken by their highly-readable pilot watches. I stumbled over a B42 Pilot Professional Chrono in Austin Kaye’s window in 2005 and promptly bought it. Over the years it has been a regular wear although less so in recent years, so much so that I put it up for sale.

    Maybe I will hang on it in case values do go up!

    I have to add that I feel that the recent refresh of the Fortis range hasn’t, to my mind, been successful. Clunky, longwinded model names, case size increases just when other brands are starting to downsize. I just feel that they lost their way. A shame as they have over a hundred years heritage and had some great designs.


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  24. #24
    Master smalleyboy1's Avatar
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    The B42 Cosmonauts Chrono was my first proper watch and I still have it. I also bought 2or 3others which I then flipped to fund other purchases. However I shall now be having another look at their lineup and buy one if I like it whilst they are still available if the news is correct. A real shame if they are going bust as they have a strong history.

  25. #25
    Master
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    B42 Cosmo was the only watch where I've had a complete stranger pass comment on my watch (some shopkeeper in his doorway in Rhodes... he even identified it as a Fortis from about 10 feet away and asked where I'd bought it).
    Took me by surprise because it's just not a brand with any awareness in UK outwith watch enthusiast circles.

  26. #26
    Master
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    I bought one from page and cooper at a very good price around 7 weeks ago and still waiting for it to be delivered... :0(

  27. #27
    Master Chukas's Avatar
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    Great watches, I've got a B-42 Marinemaster after learning about them on here.

  28. #28
    Journeyman
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    It's a tough market for these lesser known brands in the current environment. Considering the Swiss labour costs and the international distribution costs, I'm surprised they've hung on so long, given how they lack the marketing power for brand awareness to the general masses.

    Sent from my Pixel XL using TZ-UK mobile app

  29. #29
    Master Alansmithee's Avatar
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    Quote Originally Posted by redmonaco View Post
    I bought one from page and cooper at a very good price around 7 weeks ago and still waiting for it to be delivered... :0(
    I'd email them and found out what their position is on repairs and warranty - because your manufacturer one could be as much use as a glass hammer.

  30. #30
    Master Arcam's Avatar
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    Quote Originally Posted by Alansmithee View Post
    I'd email them and found out what their position is on repairs and warranty - because your manufacturer one could be as much use as a glass hammer.
    I have done that since I recently purchased a new "old" stock B42, but they are very slow in responding.

    I currently have it on SC at cost price but I will update the thread to reflect that the warranty may be scrap.

    Having said that the dealer I purchased from will have to stand 12 months at least.

    Sent from my SM-N910F using Tapatalk

  31. #31
    Craftsman Gromdal's Avatar
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    Shame. It's odd because looking at P&C pricing, a lot of their older models have been discounted by a fair margin and their new models are probably all overpriced for the mid market sector or have even been increased by too much - for example, B42 Marinemasters in the new colourways on rubber are Ł1270 - these were ~Ł900 2 years ago, so even accounting for the drop in the Ł, that's a fair chunk. I think it was too much of a risk to redirect the brand away from it's historical background, but then maybe this last round of designs was the do-or-die approach.

  32. #32
    Master
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    Quote Originally Posted by redmonaco View Post
    I bought one from page and cooper at a very good price around 7 weeks ago and still waiting for it to be delivered... :0(
    I was looking on there last night it seems to be down now I hope that’s not further bad news.

    I have dug my Fortis out wound and set it to wear today,I had forgotten just how nice a watch it is.
    Everything about is crisp and clean from the dial to the movement.

  33. #33
    Craftsman Gromdal's Avatar
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    Quote Originally Posted by bwest76 View Post
    I was looking on there last night it seems to be down now I hope that’s not further bad news.
    Looks like scheduled maintenance but you have to wonder why it's being done at 10:30am on a weekday if not to remove their pages to prevent further orders?

  34. #34
    Master
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    Quote Originally Posted by Normunds View Post
    Very sad news indeed. I had Fortis Flieger while ago and it one of the watches I would happily own again - very good legibility, slim, good size.

    Previously mine I think - it had a curious dent on the bezel exactly at '9', which I think can be seen in your pic. A nice watch, but another victim of my irrational dislike of Arabic, particularly military style, dials.

  35. #35
    Master smalleyboy1's Avatar
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    Been eyeing up a Spacematic on Jura. Just can’t justify another watch at the minute.

  36. #36
    Grand Master Seamaster73's Avatar
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    Quote Originally Posted by Michael 38 View Post
    I always liked the look of fortis watches
    But did you ever buy one?

    No, me neither. I always rather liked them too.

  37. #37
    Grand Master zelig's Avatar
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    Quote Originally Posted by Seamaster73 View Post
    But did you ever buy one?
    Yes I did ... it’d be a shame if models such as this maybe no longer manufactured...



    IMHO

    z

  38. #38
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    Quote Originally Posted by JP Chestnut View Post
    One of many more to come, I suspect. Watches are, in general, very expensive and very poorly designed these days.

    Interesting that you say that because I was finding the same thing with more expensive watches getting near the 1k mark. I usually stick to around 400 quid watches but also finding that there's little to no difference between the 150 to 800 quid in the watches I bought or had handled at get togethers and in shops.

    Armida watches are the stand out ones for me. Both I had were perfectly designed with no annoying things up with them. I would have also added the Helson but it had a bit of dust under the crystal.

    As for Fortis none of them really appealed to me. Wouldn't like to see them fold though that's a shame.

  39. #39
    Sad but true. How ever it is not big surprise to me. As already said Fortis has been under radar some time already. Personally I saw about 5 or 10 year ago already that Fortis prices went too high to be competitive.

    JP

  40. #40
    Grand Master Seamaster73's Avatar
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    Quote Originally Posted by JP (Europe) View Post
    I saw about 5 or 10 year ago already that Fortis prices went too high to be competitive.
    Aye. They weren’t quite cheap enough for a non-IWC flieger.

  41. #41
    Master Alansmithee's Avatar
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    Fortis reportedly filed for bankruptcy

    press release:

    Fortis Uhren AG has voluntarily applied for a temporary composition, which has been approved by the court of Solothurn on November 20, 2017.

    The company’s board of directors and management have taken this measure to enable the continuation a restructuring program, which will assure the healthy contingency of the company.

    Contrary to media reports the company is not experiencing any acute liquidity problems, but was not able to depict the continuation of liquidity during one year. As correctly stated there are currently no executions against Fortis Uhren AG.

    During the composition Fortis Uhren AG will work on a restructuring plan with its creditors to ensure the legal and economical existence of the company.

    It is the declared goal to finalize this process with no layoffs in the company and no interruptions in the operational sides of the business.

    We thank you for your understanding and continued support.

    Fortis Uhren AG

  42. #42
    Master Arcam's Avatar
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    Sounds promising, I guess it is wrapped up in Swiss law to do this if certain financial conditions are met/exceeded.

    Sent from my SM-N910F using Tapatalk

  43. #43
    Grand Master TheFlyingBanana's Avatar
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    I've had a few over the years, and think they are a great sports watch. It would be a shame if another actual watch company became nothing more than a brand name for the mighty conglomerates.

    I do think Fortis have struggled to find their niche a bit though - perhaps they need to rethink their brand values communications.
    So clever my foot fell off.

  44. #44
    Craftsman jobseeker's Avatar
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    I always liked the 'Square'

  45. #45
    Master
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    I've a couple of their more colourful models and really like them. Agree that the market is so competitive at their current price range that you need a strong brand image or a USP, Fortis are one of many struggling with that. I hope the protection afforded by this measure allows them the time and space to determine a successful way forward. A few more LE pop art quality smile inducing chronos wouldn't go amiss 😀

  46. #46
    Master
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    Good news, my most worn watch in recent months.

  47. #47
    Master Arcam's Avatar
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    Quote Originally Posted by Nealywheelie View Post
    Good news, my most worn watch in recent months.
    That looks well

    Sent from my SM-N910F using Tapatalk

  48. #48
    Master
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    Quote Originally Posted by Nealywheelie View Post
    Good news, my most worn watch in recent months.

    I want one of those,good to see Page and Coopers back on line today.

  49. #49
    Master Alansmithee's Avatar
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    Quote Originally Posted by bwest76 View Post
    I want one of those,good to see Page and Coopers back on line today.

    They have no stock of any fortis watches and no idea if or when they will (as confirmed to me in an email).

  50. #50
    Master
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    This was my “go to” beater for quite a while. Really like the carbon fibre dial and that it’s easy to read at anytime.

    Be a shame if they completely disappeared from the marketplace. Am I right saying they’ve suffered from poor representation in the UK over the years because of often changing their Distributors here?


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