Fribad Cosmetics Group declares bankruptcy

- Last updated on GMT

German company Fribad Cosmetics Group has declared bankruptcy after it was unable to pay its 241 employees in April.

The Baden-Baden based producer of skin-care lines Sans Soucis, Biodroga Systems, and Futuresse, is the latest company to fall victim to the recession.

Fribad Cosmetics Group has been under new management since February, when Jürgen Vater from Coty Beauty took over as CEO. The 70 year-old company has also been under new ownership since it was sold to the Latvian-company Kolonna Group early in 2008.

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