The Electronics chain Expert struggles with billions in deficit. Now, the chain renews its identity and changes name to Power.
– It’s a big decision, but it feels right. We hope this will be a viewed as a brave decision, says CEO Ronny Blomseth to Dagens Næringsliv.
Over the past eight years, Expert has lost NOK 2.5 billion. The company’s CEO for Norway, Anders Nilsen, says he thinks they will get a solid sales boost under the new brand name.
– This will be something completely different from Expert. The layout, the function and some of the communication is brand new, he tells the financial newspaper.
Professor in Innovations at the Norwegian School of Economics and Business, Tor W. Andreassen, is surprised by the name change.
– It’s like putting a lipstick on a bulldog. Changing brand name does not solve anything unless the old one is very negatively charged.
Source: NTB scanpix / Norway Today