A Danish furniture chain, is closing its 23 stores. All employees and suppliers have been notified, according to an article in Wood Supply.
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Chairman and owner Jan Hallas, who repurchased the company, My Home Møbler, the last year after it was sold to Swedish BHG Group in 2017, stated he hoped to save the business from its dire situation. However, despite his efforts, the company failed to meet its financial expectations.
The closure is not due to bankruptcy or payment issues; customers will receive their purchased items, employees will be paid, and suppliers will be compensated.
Recent financial reports show significant losses, with nearly 50 million DKK in accumulated deficits over the past two years and a reduction in the number of stores from 36 to 23. Hallas acknowledges the challenging conditions in the furniture industry and has chosen to close the business with regret, aiming to handle the situation responsibly.
Source: www.wood-supply.dk