Tannery sues shoe factory
Sogar, one of Poland’s leading private tanneries, is suing the shoe manufacturer and distribution firm Lukbut before a court in Lublin. Sogar, owned by the Wisnicki brothers, is demanding repayment of debt and could push for Lukbut to be declared bankrupt.
Lukbut is listed on the Warsaw Stock Exchange and has experienced financial problems for several months resulting in late or non-payments to its suppliers. Losses amounted to almost $1 million for the first 9 months of 2001. The future of the company is likely to be decided at a shareholder meeting on December 3, 2001.