Renewcell’s management says in a statement that the decision was taken because it was unable to secure sufficient liquidity to implement the strategic restructuring announced in November 2023. The company says it has “conducted advanced negotiations with its two main shareholders, H&M and Girindus, with its existing lenders BNP Paribas, the European Investment Bank, Finnvera, Nordea, and AB Svensk Exportkredit as well as with potential new investors regarding long-term financing solutions”. But to no avail.The company blames the sluggishness of the clothing market. “This is a sad day for the environment, for our employees, for our shareholders and our other stakeholders. It is a testament to the fashion industry’s lack of leadership and adaptation to change,” said Renewcell Chairman Mic…