Algeria’s richest man hit as Brandt folds, 700 jobs lost

Algeria’s richest man hit as Brandt folds, 700 jobs lost

The bankruptcy of Brandt, a top home appliance maker, declared Dec. 11, marks a major setback for Cevital Group, the private conglomerate owned by Algeria’s richest man Issad Rebrab. The collapse leaves 700 employees without jobs and underscores challenges in maintaining overseas investments amid economic and political uncertainties.Brandt acquisition tests Rebrab’s European reachCevital acquired Brandt, a manufacturer of washing machines, ovens…