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Indonesian Furniture Marketplace Fabelio has Gone Bankrupt

According to a statement released on Monday by local media site Koran Bisnis, Indonesian furniture and interior marketplace Fabelio has filed bankruptcy.

On October 5, the commercial court at the central Jakarta district court declared that PT Kayu Raya Indonesia, better known as Fabelio, is formally bankrupt, putting an end to months of speculation over the venture-backed startup's destiny.

The website of the firm is no longer available. According to Crunchbase, the firm will cease operations in July 2022. The company has raised around $19 million in five rounds of investment. It has investors such as AppWorks, MDI Ventures, Venturra, and Endeavor Catalyst.

Fabelio co-founder Marshall Utoyo and investor AppWorks have been contacted for comment by DealStreetAsia. The commercial court has also designated Gde Braga Abi Tamara as curator, who will be in charge of handling the company's assets that will be taken and auctioned to pay off obligations.

The first creditors' meeting has been scheduled for October 17 by the court.

Fabelio made news in November when employees launched a petition demanding that the company pay its employees and merchants who had not been paid since September. A number of vendors and consumers also complained on social media about unpaid bills and undeliverable merchandise.

Fabelio CEO Marshall Tegar Utoyo told CNN Indonesia in December that the firm was in serious financial straits owing of the C0V1D-I9 outbreak and delays in investor finance.

Fabelio, founded in 2015 by Marshall Tegar Utoyo and co-founder Christian Sutardi, offers Indonesian clients local and imported furniture. The firm also offered B2B interior design consultancy services for workplaces, restaurants, and other businesses.

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