French meat exporter Jestin has filed for bankruptcy, it was reported yesterday [Wednesday].
Jestin made its application at the commercial court in Morlaix, north west France, earlier this week. It has entered into receivership with an observation period of six months.
Based in Saint-Martin-de-Champs in Finistère, Jestin has been in operation since 1986. It posted a net loss of €2.34m (US$2.51m) in 2001 due to exceptional items. Turnover was reported at €50m in 2002, down from €70m the previous year.
After a difficult year, the company laid off nearly half its workforce in 2000, reducing employee headcount to 26.