Huge wave of bankruptcies has hit the hospitality industry in Hungary

The lockdown impended on Hungary from November 11 has been the final nail in the coffin for many in the hospitality industry. According to Laszlo Kovacs, head of the Hungarian Catering Industry Association many places haven’t officially filed for bankruptcy but are no longer operating and do not have the resources to pay rent or public charges. Most of these bankruptcies are taking place in Budapest, where most of the income depends on international tourism, which dropped by 90% this year. According to Kovacs this may cause a major ownership change in 2021.