Image: SIBU
55 employees and 280 creditors are affected. Around 3.3 million assets are compared to almost 6 million liabilities, reported KSV1870 and the Alpine Association of Creditors on Wednesday. According to KSV, the insolvency is based on fluctuating incoming orders from large retail and hotel chains, which caused the respective annual result to vary greatly and prevented a constant basic turnover, as well as sales slumps due to the corona pandemic. After the subsidies expired, the order situation did not recover to the extent hoped for and the personnel costs, which were too high in view of the falling sales, led to losses. According to AKV, the causes of the decline in assets also lie in mistakes in management, specifically in the orientation and structuring of the company. Bad mood internally and among customers led to a drop in sales and an increased rate of complaints.
The company produces high-quality plastic sheets for interiors, for furniture stores, fashion architecture and in the display sector. Foils, decorative papers and fabrics are mainly laminated onto various carrier materials. In its 38-year history, SIBU Design has developed into an international company.
With continued operation, the closure of sub-areas, staff reductions and a renovation are aimed at. There were signs of a significant increase in orders for the beginning of 2023. According to the AKV, the debtor plans to focus on three core business areas in the future and to give up the unprofitable business areas and primarily to serve large customers and hand over small customers to the dealer structure. The creditors are offered a restructuring plan quota of 20 percent within 24 months. Claims can be registered via KSV1870 from now until April 4th.
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