Fish processing equipment manufacturer Skaginn 3X has filed for bankruptcy, with 128 people to lose their jobs.
According to local reports, Iceland-based Skaginn 3X has seen its business activities shrink significantly in recent months. The company’s office in Ísafjörður was closed in August last year, with 27 people losing their jobs, and in the previous summer, staff at Ísafjörður, Akranes and Reykjavík were laid off.
The company, which was one of the largest employers in the town of Akranes, had been fully-owned by German group Baader since 2022.
In a statement, Baader confirmed: “Skaginn 3X, a provider of fish processing solutions, has filed for insolvency proceedings. In the face of growing economic challenges, including high interest rates and inflationary pressures, Skaginn 3X has endeavored to restructure its operations and secure new investments. Despite the positive outcomes from strategic consolidations in Akranes and Reykjavík, and extensive negotiations with financing partners, external investors, and other stakeholders, a viable financial arrangement could not be finalised. Therefore, Skaginn 3X management had to make the tough decision to proceed with insolvency filings.”
It added: “Until [the] last minute, Skaginn 3X management had confidence in finding a solution with all stakeholders ensuring the continuation of the operations and regrets that the current development left no other choice but to file for insolvency.”
