LONDON: Mark Group Ltd., an insolvent U.K.-based solar-panel installer that was bought by struggling U.S. solar-power developer SunEdison Inc. in July, has shut its doors and laid off more than 900 people.
“Yesterday morning Mark Group’s managers bought the business from SunEdison and, after taking advice, have taken the regrettable decision to put the business into administration,” a spokeswoman for Mark Group said Thursday in an email. “This decision has not been taken lightly but the ongoing losses of the business meant it was our only option.”
Mark Group, founded in 1974 in the U.K. city of Leicester, was placed into the equivalent of chapter 11 Wednesday night after the purchase from SunEdison. Following the sale, administrators from the U.K.-based restructuring arm of Deloitte LLP said they were laying off 939 people.
