The Imprimerie Faber print works in Merch has been declared bankrupt in the Luxembourg commercial court, affecting 75 jobs directly.
The company had posted successive losses over the past two financial years, totalling almost €1 million.
Following an announcement three weeks ago by the company to restructure the company financially to save €660k annually, management and staff representatives had discussed certain cost-cutting measures that could have helped keep the company open; however, staff rejected a proposal for them to accept a cut in salaries of between 13% and 20%, as well as cutting out the 13th month of salary, as there was no guarantee that this would save the company in the medium term.
The court appointed Marguerite Ries as the curateur (liquidator) following the application for voluntary bankruptcy. Concerning creditors, those that have already paid for work will see their orders completed, but no new projects will be commenced. It is understood that some of the staff have already found new employment, some with a sister company Faber Digital Solutions.
Photo by Industrie.lu.
