The fact that company wasn’t going through a happy period was clear from the news of 150 layoffs at the end of November. Now Wollsdorf Leder has filed for bankruptcy, highlighting just how serious the situation is for the Austrian tanning group, specialized in automotive leather. According to the local press, the slowdown in the automotive industry and issues with the supply of European hides have ruined the multinational’s accounts, which “has assets of 320,000 euros” but “liabilities of 32.2 million euros”.
Wollsdorf files for bankruptcy
There is great concern in Austria, as is natural, for the fate of employees and for the 660 creditors. The company has submitted a restructuring plan (which bankruptcy administrators have yet to assess and approve) and aims to remain in business. With a leaner operating structure: some expect Austrian production to be sacrificed.
Photo from archive
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