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Sofa Brands, a UK-owned Lithuanian manufacturer of fabrics and leather components for soft furniture, has abandoned a project to build a new factory in the southern town of Alytus, a local online news site has reported.
Sofa Brands gamykla Alytuje
Sofa Brands gamykla Alytuje
© Bendrovės archyvas

According to Alytusplius.lt, the plot of land where the new facility, which would have created 500 new jobs, was to be built has been put up for sale with a price tag of 350,000 euros.

According to Sofa Brands CEO Saulius Bitinas, the decision was made by the management board of Sofa Brands International, the Lithuanian company's shareholder.

"The prolonged Brexit process has caused a lot of uncertainty about the market, but there are other reasons, too, such as (...) banks' unwillingness to finance real estate projects in regions outside Vilnius and Kaunas," he said.

Vilija Ramanauskiene, deputy director for administration at the Alytus local government, told BNS in February that Sofa Brands had committed itself to investing at least 5 million euros within three years.

BNS
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