For economic reasons, the continuation of Sovello is no longer possible, said company liquidator, Lucas Flöther. Consequently, around only 50 employees will remain, down from 170. The affected employees will be let go on November 1.
He added that talks with potential investors would continue, although the extremely difficult economic environment will make it challenging to find a suitable candidate.
"As feared, the sales process is very difficult. To date, an adequate offer has not been made," said Mr Flöther, adding that interested parties had reworked their deals, both financially and conceptually, but that they were not sufficient.
Sovello was forced to file for insolvency in May. Initially, the company aimed to reorganize itself under self-administration, however, in mid-August the Dessau district court opened bankruptcy proceedings, having rejected its self-administration application.
Following this, Sovello had to cease production, meaning the 1,000-strong workforce was reduced to 170. Their task was to keep production ready, in the event of a sale. According to Sovello, 200 of its former employees have now found a new employer in the region.
Translated and edited by Becky Beetz.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.