FRANCE: Court orders liquidation of two Siat-Lang subsidiaries
A court in Mulhouse, eastern France, has ordered the liquidation of two subsidiaries of family-owned fashion fabrics group Siat-Lang that together employ 173 staff.
Siat-Lang, which designs and sells fabrics, and S&L Productions, which dyes and weaves them, had enjoyed some initial success in small-volume markets, where competition from low-cost producer countries was largely absent, a group source said.
However, they were dealt a severe blow from the global economic crisis in autumn 2008.
The two subsidiaries have been authorised by the court to continue trading for one month in order to allow company managers the possibility to come up with takeover bids they are currently working on.
The winding-up order does not include a third subsidiary, TBC, which specialises in dyeing and enobling.
The Siat-Lang group filed for babkruptcy at the end of 2005, going on to benefit from a continuation plan in July 2007.
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