Due to the disappointing financial results, the company bank has terminated Arend-Sosef's bank credit. As a reaction on this decision, the board is planning next steps. The employees have been send home and Arend-Sosef has stopped all its activities until further notice.
The company isn't bankrupt yet, but this is not excluded. Maybe a bankruptcy can be prevented. "Next week, a bankruptcy trustee will look into that," says Bart Sosef.
The news came as a shock to the sector, yet for a couple of months Arend-Sosef is struggling to keep its head above water. Last summer 40 of the 180 existing jobs were cancelled. Arend-Sosef originated at Jan 1, 2012 from a merger of Van der Arend Tuinbouwtechniek, its export division Tevarint and Nic.Sosef. Two family companies with more than 125 years of horticultural history were formed into one enterprise.
