There were no investors interested in buying all the assets of bankrupt household appliance producer FagorMastercook, the company’s bankruptcy administrator told the Polish Press Agency.
The asking price was PLN 270 million.
There was only one offer filed, but it did not meet the set criteria, which stipulated for purchasing all of the assets and keeping employment at 700 jobs. The single offer was only for one unit of the factory, producing washing machines.
As a result, the bankruptcy administrator has decided to launch group layoffs at FagorMastercook. The first employees will receive notices before the end of October.
The Polish company was declared bankrupt after the insolvency of its Spanish parent company Fagor.