Complete British News World

Car company goes bankrupt – 1,400 employees affected

Car company goes bankrupt – 1,400 employees affected

Swedish economy

IAC Group Switzerland has filed for bankruptcy at the Gothenburg District Court. File photo. Photo: Adam Ehse/TT

Vehicle components company IAC Group Switzerland, which has about 1,400 employees in Sweden, has filed for bankruptcy, the company said in a press release.

The company points out, among other things, the effects of the pandemic.

“We were unable to provide the necessary liquidity to be able to continue working for our valued customers in Sweden,” the company wrote.

according to sound echo This affects approximately 1,400 employees at the company, which has operations in Varjelanda, Skara and Gothenburg, among other cities.

– Unfortunately, we don't have more information yet. “We need to meet the bankruptcy trustee first,” Ivica Stojković, IF Metall representative at IAC in Färgelanda, tells TT.

According to Ekot, IAC was the company in Sweden that last year had the largest post-pandemic tax debt, at SEK 1.2 billion.

IAC Group recently sold its UK operations and announced that its China operations will be sold as well.

“The company’s new global management team has worked hard to find a positive solution for the Swedish operations as well, but short-term liquidity challenges have prevented us from creating a sustainable position for these assets,” the company wrote.

Jens Bornmann/TT

See also  ABBA brought over 2 billion kroner to Great Britain | pleasure