2024-10-09 03:25:35
The textile company Soex has been recycling used clothing for more than 20 years. Now the company from Bitterfeld has filed for bankruptcy.
The textile recycling company Soex from Bitterfeld-Wolfen has filed for bankruptcy. The company employs more than 460 people and has been processing used clothing into cleaning rags, blankets or insulation material for over 20 years. A district court approved the application and appointed a law firm as interim administrator.
Oliver Dankert and Harald Ick from the Görg law firm will lead the process as the main persons responsible. “The workforce is informed that we want to push SOEX’s future concept forward with a new investor,” explains Dankert. “We are currently setting up an orderly purchasing process.”
Soex managing director Fred Ponath adds: “With our future concept, we are well prepared for upcoming legal developments, such as the planned extended manufacturer responsibility in the EU or the introduction of separate textile collections from 2025. They offer Soex an opportunity for further growth in the area of sustainable textile recycling “.
Operations should initially continue as normal, as Soex announced. Wages and salaries are guaranteed up to and including November. The company is now looking for a new investor.
Soex has generated annual sales of around 60 million euros in recent years. Managing director Fred Ponath explained that the company had run into financial bottlenecks due to increased competition from Asia, among other things. In addition, traditional markets in Eastern Europe have collapsed, which has put additional pressure on the company.
In addition to Bitterfeld-Wolfen, Soex also operates a facility in Ahrensburg, Schleswig-Holstein. According to the announcement, this facility is also affected by the self-administration process.
The company has gone on strike in the past due to low wages. Trade unionists also criticized regulations on holiday and Christmas bonuses as well as company pension schemes.