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Danish-owned sewing company Lanika Baltic goes bankrupt
BC, Vilnius, 12.11.2015.
Print version
Print versionLanika Baltic, a Danish-owned Lithuanian sewing company that employed a workforce of 450 people at its best times, is going bankrupt and moving production to Ukraine, where costs are much lower, the business daily Verslo Zinios reported on November 12th, reports LETA/BNS.
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The bankruptcy proceedings became effective on November 10.
Juozas Viscinis, the bankruptcy administrator, says that Lanika Baltic has almost no assets as its sewing machines and other equipment is owned by its parent company and the premises were leased.
Lanika Baltic's largest creditors are its employees, the state social insurance fund Sodra and Denmark's United Textile Group, its owner.
Established in Vilnius in 1994, Lanika Baltic produced knitwear products for its parent company. Its products were exported to Denmark, Germany, Finland, Sweden and other countries.
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