STOCKHOLM – Textile recycling pioneer Renewcell has decided to file for bankruptcy after failing to secure sufficient financing to continue its operations.
“This is a sad day for the environment, our employees, our shareholders, and our other stakeholders, and it is a testament to the lack of leadership and necessary pace of change in the fashion industry,” said Michael Berg, chairman of the company’s board of directors.
The bankruptcy application will be filed at the Stockholm District Court.
