The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Information And Communication Equipment In Specialised Stores 47.42 - Retail Sale Of Telecommunications Equipment In Specialised Stores
358 jobs Number of planned job losses
Announcement Date
9 January 2024
Employment effect (start)
9 January 2024
Foreseen end date
Description
The Swedish electronics retail chain Teknikmagasinet has declared bankruptcy, affecting 358 jobs in Sweden and Norway.
In Sweden, the company is to cut 220 positions and close 36 stores across the country. In Norway, the layoffs will affect 138 employees and 25 stores.
The background to the decision are worsening financial results and a loss of profitability. The company has reported a long period of declining demand. The company has tried unsuccessfully to change its business model by shifting their core revenue stream from retail to the sale of used phones and mobile phone reparations.
In 2020, Teknikmagasinet filed for bankruptcy but was acquired in 2022 by the Norwegian company Release.
The current bankruptcy process of Teknikmagasinet has been recorded in the ERM events database in Sweden and Norway.
Eurofound (2024), Teknikmagasinet, Bankruptcy in World, factsheet number 200754, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200754.
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