Czechoslovakia’s Labská shipping company closes after more than 100 years

Czechoslovakia’s Labská Shipping Joint-Stock Company in Děčín is shutting down after more than a century. Employees are being let go, and the company will go into liquidation, Czech Radio North reports. The company will sell or scrap its fleet of seven motor freighters and three push tugs.

The management has not disclosed the reason for the closure. Founded in 1922 by the state and banks, Labská Shipping was once the largest river shipping company in Central Europe with thousands of employees and hundreds of ships.