Despite the fact there were three interested takeover candidates for German producer of professional furniture Lorbeer, the receiver has announced that no investor has been found and the company will be closed down.
All 50 employees have been informed and the company will close in the course of July.
Lorbeer had been declared insolvent in December last year but restarted its production in January of this year.
The main reason no investor was found has been the lack of a sufficient dealer network, which would have taken money, effort and time to build up.
The receiver, Matthias Dieckmann, said: “For the continuation of Lorbeer, it would have to win new customers.The building up of a sales structure would have taken too long.”