Renewcell Files for Bankruptcy

Swedish textile recycler Renewcell said Sunday it filed for bankruptcy after failing to secure sufficient long-term funding to continue operations.

The company launched a strategic review in November, after it emerged that demand for its recycled raw material was much weaker than expected. It managed to raise $10 million in short-term funding from investors and lenders (including its biggest shareholder, H&M) in December. But efforts to secure…