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The Final Act for Moroccan Glassmaker Tolba Verre: Navigating Industry Challenges
The glassmaking industry in Morocco continues to face severe challenges amidst competitive pressures. Following the 2019 collapse of Tangier-based Glassry, a former industry leader backed by Moroccan investors that disintegrated just five years after its highly-publicized launch, another local manufacturer has now ceased production.
The Rabat Commercial Court has officially declared Tolba Verre, a small to medium-sized operation located south of Bouznika specializing in processing, manufacturing, and selling glass products across Morocco, bankrupt. The court has ordered its liquidation. Despite undergoing a few years of court-mandated financial restructuring and lacking a credible turnaround plan, the company succumbed to the economic shocks of the COVID-19 pandemic while already being on shaky ground.
The family-owned business witnessed a significant decline in revenues, plummeting below 20 million Moroccan dirhams, down from over twice that amount a decade ago. This decline in profitability was exacerbated by soaring prices for imported inputs. Accumulating debts of around 50 million dirhams, the company faced challenges in rescuing other struggling entities within the group. This included wood and metal furniture manufacturer La Polyvalence Industrielle and concrete flooring producer Univers Plancher, both of which likely took precedence in restructuring efforts.
The outbreak of the health crisis further impacted Morocco's glass market, leading to acute supply shortages of flat glass on the global stage. This reshuffling of the competitive landscape intensified pressure on local processors, particularly from foreign rivals, with Spanish firms playing a prominent role. Unable to weather the storm, Tolba Verre has reached its final curtain call.