Coloreel Group AB, a Swedish technology company, announced that it has filed for bankruptcy. The decision comes after the company’s inability to develop its business volume quickly enough and, related to this, secure the necessary financing.
Coloreel Group AB has over 90 customers in the global market and over 120 granted patents across 45 markets.
“It is with a heavy heart that we announce the filing for bankruptcy today. We have been working very hard to introduce a new technology and new ways of working on the global textile market. Despite relentless efforts to grow the business, minimize operational costs and secure additional funding, the challenges are too great. The board and the management are incredibly proud of what our team has achieved, and we are grateful for the support we have received from our partners, customers, and investors,” says Anders Persson, chairman of the board at Coloreel Group AB.
The filing also applies to the daughter company, Coloreel AB.
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