Tenería Moderna insolvent

Spanish bovine wet-blue, crust and finished upper, leathergoods and garment leather tanners, Tenería Moderna SAL (also known as Tenería Moderna Franco-Española), have been declared insolvent with debts of €26.5 million. The company lost €5.9 million in 2003 after sales fell by 30%. The Tenería Moderna factory is located in the Catalan village of Mollet del Valles north of Barcelona. The business was declared bankrupt in mid-April. The tannery was founded by Octavio Locante in 1897 and has experienced several changes over its 106 year history. In the 1990s, the workforce formed a co-operative and took control of 67% of the business. The remaining third was controlled by the Villalobos family linked with Industrial Engineering Services group. Approximately 130 people will be affected by the closure of the tannery, which was one of the leading Spanish leather producers in its heyday.