Fagor will close, it had just been confirmed. Parent group Mondragon has just said they won’t be putting up the 127 million euros Fagor needs to keep going. Earlier today, the Basque country government said it would put no tax payers money into the company with out Mondragon committing to save the company.
Bankrupt white good maker Fagor may be about to go under for good after the Basque government said it wasn’t prepared to put any cash into the company if the main investors wouldn’t. Fagor is part of Mondragon, the vast Basque conglomerate that runs dozens of businesses in the region. But Mondragon refused to underwrite the billion euro debt Fagor has run up, which is what caused the bankruptcy in the first place, and doesn’t Continue reading Basque government waves “bye bye” to Fagor
Fagor, the people from up north who make white goods, went under today. It´s part of a larger cooperative, Mondagrin, which has offered to relocate as many workers as possible for salaries of up to 80% of their original Fagor wage. It seems the company say its sales plummet by about 70% since the crisis started. There´s a reason for that: they were junk. Fagor made cheap and easily breakable white goods that were only Continue reading FAGOR goes bust