Achievements will remain active in Etxalar after being sold to Artain25, a former employee

The Commercial Court No. 1ofDonostia-San Sebastián has authorized the sale of the production unit  Lorpen  to the company Artain25 S.L. for 400,000 euros ,which is part of the voluntary competition of Ternua Group, Import Arrasate S.L., Iasa Retail S.L. and Lorpeland S.L.

The Navarre company will assume the subrogation of the employment contracts, guaranteeing theworking conditions and seniority of the current 28 workers , which will avoid compensation of more than 640,000 euros , as reported by the High Court of Justice of the Basque Country, and the buyer will assume the payment of 54,000 euros pending a leasing contract with the BBVA.

The operation includesthetransmission of all assets of the Achievement brand, including registered trademarks, industrial and intellectual property rights, corporate websites and the industrial ship of Etxalar, along with machinery, equipment and production equipment.

The court order states that Artain25 SL, composed of workers and persons linked to Lorpen, has expressed its intention to form a limited labour society  . The court stresses that the operation "complies with the principles of speed, preservation of value and continuity of enterprise" and that no alternative offers or economic damage to the mass of competition have been established.

The Insolvency Administration argued that the only serious and viable offer received was that of Artain25and that, although the price is lower than the book value, it reflects the actual market value of a unit affected by depreciation and lack of liquidity. The continuity of the business, the preservation ofemployment and the maintenance of the trading fund are considered factors that maximize the overall value of the operation .

With this sale, Lorpe, a benchmark inthe technical socks sector based in Navarre, ensures the continuity of its industrial activity after months of uncertainty and financial difficulties.