Sovello To Cease Production And Relieve Workers
Only weeks after announcing company visits by potential investors, German PV company Sovello has announced that it will cease production from the 27th August and most staff will be without employment after August 31st. The insolvency process appeared to have some interest but an announcement by the liquidator Lucas F. Flöther states that the insolvency process had led to a sharper than expected decline in sales and there was no option but to close the manufacturing. Staff have been reassured that they will be paid until the end of August.
"The liquidity situation of the company was already near declaring bankruptcy and there was little scope for improvement." Flöther said. "There is therefore no way around it at the moment and production will cease. I will continue the investment process for the company that has been initiated in the hope the company may still be saved."
Due to the difficult financial situation had Flöther must immediately after the opening of insolvency proceedings Show Deficiency. Nevertheless, he had succeeded, the wages and salaries of employees to secure for August yet. In addition, but not enough funding.
"A continuation of the production would only lead to more losses," emphasized Flöther.
The Trustee met with the Sovello employees at a staff meeting and reported he is forced to cancel the remaining 500 workers well. The majority will cease work at the end of the month. The 22 apprentices employed at the company will be given an extra month's wages and assistance to help them find new placements before the end of September.
