The last Update store has closed, liquidation is coming

The last store of the Update chain, founded by Norbert Schobert, has closed, and the Update Market Kereskedőház Zrt. is undergoing liquidation. The company faced execution orders and struggled with debts, leading to a loss of reliable status and multiple tax authority actions. Despite management changes, financial issues persisted, with cash reserves plummeting and short-term liabilities rising significantly. A bankruptcy petition was filed in March 2026, resulting in a liquidation order in October.