Bankrupt Renewcell receives multiple bids

Things aren’t over yet for Renewcell, as the Swedish textile recycling company is said to have received “multiple bids” for its business and assets.

The bankruptcy trustee confirmed that several purchase offers had been submitted for the business and estate assets ahead of the deadline on March 28. All offers are said to be undergoing a thorough review process, with a final closing expected in the middle of April. The specifics of the bids, including the identities of the bidders and the details of their offers, are set to remain confidential until then.

Renewcell’s bankruptcy has attracted considerable attention from several key players within textile recycling and the fashion industry, with many wondering what the bankruptcy's deeper implications may signify.

The company first rose to international acclaim after a model walked down the runway in 2014, wearing a yellow dress made from Circulose, a revolutionary textile pulp made from recycled cotton waste, including old cotton garments and manufacturing leftovers, through a chemical transformation process.

Following growing interest, the company opened Renewcell Plant 1, the world's first large-scale textile recycling facility, in August 2022. One of the key assets from Renewcell currently for sale, the plant was meant to serve as a European hub and a future blueprint for subsequent Renewcell plants in North America or South Asia.

The H&M-backed company filed for bankruptcy in the Stockholm District Court at the end of February after failing to secure sufficient financing. It is currently under the administration of Lars-Henrik Andersson from Cirio Advokatbyra.