The Swedish technological pioneer Coloreel Group AB, best known for its fast thread dyeing innovation, declared bankruptcy today. The decision was made as a result of the company’s failure to grow its clientele and, in turn, obtain the required funding.
Coloreel has not been able to get over its financial obstacles in spite of numerous lengthy talks with financial investors and other industrial partners to gain more money.
With the use of an effective and ecological thread dyeing method, Coloreel hopes to revolutionize the textile business by offering distinctive coloring and design options. In the global market, the company serves over 90 clients, many of whom are well-known brands. Robust protection of the novel technology is ensured by over 120 awarded patents in 45 markets.
We announce today that we are declaring bankruptcy with heavy hearts. We have been putting a lot of effort into introducing innovative technologies and methods of operation to the international textile market. The obstacles are too enormous to overcome in spite of unrelenting efforts to expand the company, reduce running expenses, and obtain more finance. Anders Persson, Chairman of the Board, Coloreel Group AB, says, “The board and management are immensely proud of what our team has accomplished, and we are grateful for the support we have received from our partners, customers, and investors.”
