CH – According to official reports, Switcher is bankrupt. According to media reports, the eco-textile company made a loss of 9 mil. Francs (approx. 8 mil. Euros) in the first months of 2016 and has not paid its approx. 40 employees since April. On May 26, the District Court of Lausanne, Switzerland, declared the heavily indebted textile company bankrupt.
Switcher was founded in 1981 by Robin Cornelius and stands for fair trade relations and fair wages as a basis for a secure future and improved living conditions. In 2014, Switcher became, according to own accounts, the first clothes manufacturer to become an official partner of the Fairtrade Cotton Programme of Fairtrade International and was awarded the Responsible Down Standard (RDS) certification last year.
Since July 2010, with an 86% participation, the Indian textile group, Prem Group Company (PGC), has been the co-owner of Switcher SA in addition to Cornelius. Switcher has allegedly already been in the red for the past three years.