July 13, 2024
Corporates

Coloreel Group AB Announces Bankruptcy Filing

Coloreel Group AB, the Swedish technology company renowned for its groundbreaking instant thread dyeing technology, has announced its filing for bankruptcy. The decision follows challenges in scaling business volume and securing necessary financing.

Despite extensive discussions with financial investors and potential industrial partners, Coloreel has been unable to overcome these financial hurdles.

Coloreel aimed to revolutionize the textile industry with sustainable and efficient thread dyeing processes, offering unique design possibilities. The company serves over 90 global customers, including leading brands, leveraging its portfolio of 120 patents across 45 markets for innovative technology protection.

Anders Persson, Chairman of the Board, Coloreel Group AB, expressed regret over the decision: “It is with a heavy heart that we announce today’s bankruptcy filing. We have tirelessly pursued new technologies and global market strategies. Despite our best efforts to grow sustainably and secure funding, the challenges have proven insurmountable. We are immensely proud of our team’s achievements and grateful for the support from partners, customers, and investors.”

The bankruptcy filing also encompasses Coloreel AB, a subsidiary of Coloreel Group AB.

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