Senstar Technologies Corp, a Canadian-based security technology firm, has filed for bankruptcy protection under the Companies' Creditors Arrangement Act (CCAA) in Ontario. The company's filing was made public on June 5th.
The move comes after Senstar reported a significant decline in revenue over the past year. According to reports, the company's revenue dropped by 23% in 2022 compared to the previous year.
Senstar's financial struggles are attributed to increased competition in the security technology market and rising costs associated with research and development. The company has been a leading provider of perimeter security solutions for government and commercial clients worldwide.
The bankruptcy filing allows Senstar to continue operating while reorganizing its finances under the protection of the court. Creditors will be affected by the filing, but it is unclear how many jobs may be at risk.