Photo by Marvin Meyer on Unsplash
Poland’s Follow The Step has begun restructuring its business after its flagship FEST Festival was last month cancelled and filed for bankruptcy.
The Chorzów-based festival, one of Poland’s largest, was called off just days before it was due to begin in early August. At the time, organisers said a crash in ticket sales was responsible for the cancellation.
Earlier this year, the Polish promoter had cancelled the second edition of its Warsaw festival, On Air.
After filing for bankruptcy, FEST Festival’s organisers said they could not make any guarantees regarding refunds. Concerns over Follow The Step’s business model and practices are detailed in this piece written by Bartosz Godzinski for na:Temat.
In an update on its Facebook page, Follow The Step said it has now commenced restructuring proceedings and it can settle its obligations once approval is obtained. The process is being conducted by BM Restructuring.
Follow The Step said it has spent the last few weeks working to ensure that upcoming events have been switched to other organisers. Louis Tomlinson’s show in Krakow earlier this week was among those impacted.
The business said it has now temporarily suspended its participation in the organisation of all upcoming events.
It added: “We read and understand your comments and apologise for any inconvenience you may have to deal with.”
Event industry crisis
The fourth edition of Fest Festival was to take place August 9-13 at Silesia Park, with The Chemical Brothers headlining. One of the fastest-growing festivals in Europe, it filed for bankruptcy after selling only 50% of its tickets for 2023. Attendance had previously increased by over 30% year by year.
Follow The Step said the “crisis in the event and entertainment industry significantly reduced ticket sales”.
It added at the time: “We have used all the funds we have to organise the event and to start its assembly. Over the last few months, we have been conducting talks with public institutions, sponsors and funds to obtain additional financing for this year’s edition. We have reduced costs and diversified promotional channels. None of these activities have brought the expected results. effects and did not secure finances for the upcoming event.”
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