Swedish Venue Retail Group has applied for bankruptcy protection. The company owns, among other things, the Norwegian Morris chain, which sells things like suitcases, purses and bags.
According to E24, Nordea, the largest creditor, has demanded that the company apply for bankruptcy protection and undertakes a new share issue to collect at least SEK 40 million, in addition to the principal owing the same amount.
Morris has 41 stores and 294 employees in Norway. The number of stores in Norway has been reduced in recent years.
However, it is in Sweden that the Venue Retail Group is really struggling to make money, writes E24. In Sweden, the deficit in the last financial year was NOK 27.3 million, while in Norway there was a profit of NOK 2.7 million.
At 11 o’clock, the Venue Retail Group share had fallen more than 30 percent on the Stockholm Stock Exchange.
© NTB Scanpix / #Norway Today