Indo, a Barcelona-based supplier of optical lenses, frames and equipment, has voluntarily filed Chapter 11 but is insisting that it is business as usual for its suppliers around the world.
Indo chairman Juan Casaponsa is reported to have said the mixture of an ambitious transformation process, the credit crunch and delays to sell-offs had taken their toll but the necessary restructuring would be carried out.
A spokesperson for Indo said: 'Having met most of the fundamentals of Indo's transformation, the circumstances of the economic, financial and consumer slowdown as well as the delay to fulfil the forecasted divestitures, have forced Indo to voluntarily file Chapter 11.
'Chapter 11 is a legal instrument which allows us to give continuity to this company with long tradition in the Spanish market, after the enormous effort that the process of transformation has entailed. Indo wishes to overcome this situation in the shortest period possible and will choose to further develop the strategic alliances with world leading companies, the reason for which a new business plan is being concluded. The activities of Indo will continue normally.'
In the UK Cerium distribute Indo equipment and Dunelm distributes the Carolina and Pierre Cardin frame ranges by Indo.