Tartu company Ilves-Extra on verge of bankruptcy (1)
Previously one of Tartu’s biggest employers, apparel producer Ilves-Extra is struggling with tax debts. If the firm cannot secure a new investor, it risks going bankrupt.
"We are in a very complicated situation, but whether we shut down or continue is no longer in my hands,” explained Ilves-Extra AS’s Chairman Arvo Kivikas to Estonian daily “Postimees" (link in Estonian). “If I get money, then it will be possible to continue, and if not, then we can’t."
According to Estonian Tax and Customs Board data, the business, which operates on the corner of Kastani and Riia Streets in Tartu and produces work, leisure and sportswear under the brand ISC (Ilves Sportswear Company), had a tax liability of 73,596€ as of yesterday.
Before the recession hit at the end of the previous decade, Ilves-Extra employed nearly 400 people. As of today, that number has shrunk to 76.