Fürnitz, Austria – Austrian media outlets are reporting that Elan’s snowboard plant in Fürnitz has filed for bankruptcy.

Company officials blame increased raw materials costs and a decline in contract production for the bankruptcy of the plant, which employs 78 people full-time and another 90 seasonally. More than four million snowboards have been manufactured at the plant since its doors opened in 1987, making it the largest snowboard manufacturing plant in the world. Its contract customers have included Academy, Allian, Amplid, Arbor, Bataleon, Capita, Dinosaurs Will Die, Lobster, Nitro and Rome. Elan’s parent company, based in Slovenia, refused to bail out the plant which has been beleaguered by continuing losses.

The Austrian newspaper Der Standard reports that the plant’s debt may reach €8.7 million, with assets of €2.2 million, and banks which have already provided €6 million in financing were no longer willing to provide the necessary financial guarantees to continue operations.

Press reports show the plant — and Elan — experiencing financial difficulty as far back as 2007.