The Royal Tapestry Factory in Madrid is due to file for bankruptcy after it failed to resolve its spiralling debts. The factory’s accumulated losses stood at nearly €6m in 2013, while a lack of funds means its 52 employees have not been paid for four months. Its electricity supply is also on the verge of being cut off, according to the Spanish newspaper El Pais.
Monica Oriole, the president of the foundation that runs the factory, resigned following a board meeting on 13 July, in which it was agreed the company would begin the process of applying for bankruptcy.
