The company once hailed as Europe’s largest solar panel producer filed for bankruptcy Wednesday, blaming cheap Chinese panels for flooding the market.

“The ongoing price erosion and the development of the business” has left the company “over-indebted and thus obliged to file for insolvency proceedings,” SolarWorld, which is also the largest U.S. solar panel maker, said in a statement.

The filing comes after SolarWorld was forced to lay off employees earlier this year. The company employs around 3,000 people, including 800 in Hillsboro, Oregon, and was one of the few German-based solar companies to survive a recent market downturn.