Coffee Day group company Dark Forest Furniture Company Ltd shut down business, including its factory in Karnataka’s Chikmagalur due to financial crunch, the company said.
“We regret to inform all the employees that business/manufacturing of dark forest furniture at Chikmagalur is closed from November 25 due to acute financial constraints and lack of orders,” said the company in a statement here.
Following the suicide of founder and promoter V. G. Siddhartha on July 29, the company’s existing management made their efforts to revive the unit, the statement said.
“Consequently, the services of all the workmen working in the establishment stands terminated with effect from November 25 in view of the closure of business/manufacturing activity,” the company said.
The Coffee Day company said Dark Forest Furniture Company (DAFFCO) was single handedly developed to provide employment to the local population, offering them training and skilling for higher level of efficiency.
In view of the extreme financial difficulties, DAFFCO said workmen’s compensation will be paid in due course of time subject to availability of funds.