Swiss speciality CTP developer Lüscher is the latest industry vendor to go bankrupt.

The company, based Gretzenbach, Switzerland, has a staff of 59 and makes plate imagers for offset and flexo plates, and for textile and screen printing.

A statement says the management board noted on Monday “a situation of over-indebtedness” and requested the commencement of bankruptcy proceedings.

They blame the “massive downturn in the graphics industry” on top of the financial crisis, the continuing disappearance of printing shops, and the strong Swiss franc.

A significant fall in incoming orders over the last nine months make it impossible to continue trading, they say.

Efforts supported by the bank, development partners and investors failed, but directors are hopeful parts of the company’s activities may be continued and jobs saved.

The board and managers thanked customers, suppliers, distributors and employees for their “loyalty and cooperation” over the years.