Small Slovenian bakery Pekarna Blatnik has been declared bankrupt after expansion plans in Serbia could not be funded, according to local reports.
According to local newspaper Delo, the bakery was announced bankrupt on Monday 11 during legal proceedings in the Ljubljana District Court. The company went into receivership in November 2012.
The Slovenian baker had invested in expansion – setting up a company in Serbia and boosting its café and bakery franchise Happy Pek with new facilities – but was unable to repay loans used to do so, the court heard.
Pekarna Blatnik has 100 employees who will be dismissed in the coming weeks.