A court in Liepaja, Latvia accepted a petition from a certain Edgars Murans this week, announcing the insolvency for the once-popular lingerie and fabric manufacturer Lauma.

The company, which was established in 1971, has been struggling with the operations for the past years, forcing its officials to declare bankruptcy.
For now, the court has recommended the appointment of Zinta Zalite-Rukmane as the administrator of Lauma.

Since December 31, 2007, more than 92 percent of the company is owned by unidentified legal entities.

Lauma council chairman is Ricardo Rechter, a Spanish citizen and the board chairman is German national Nigel Page.

Lauma offers several types of lingerie ranging from satin bridal lingerie, girls’ underwear and several products that cater to the modern women. The website is still operational which means that customers can still purchase their products.