Textile and shoe recycler Soex has filed for insolvency under self-administration with the Reinbek district court.

The company is seeking a new investor to secure its future, with business operations continuing without restrictions and wages covered until November 2024.

Soex attributes its financial difficulties to the collapse of key Eastern European markets and increased competition from Asian manufacturers. Despite these challenges, Managing Director Fred Ponath sees growth potential in upcoming EU regulations on textile recycling.

The insolvency affects Soex’s German subsidiaries, but its UAE branch remains unaffected. A structured M&A process is underway to find a buyer.

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