The textile giant Gabriel Group has operated on three fronts: Gabriel Fabrics, producing furniture textiles; Samplemaster, handling sales materials; and Furnmaster, producing furniture with headquarters in Aalborg. But now, the furniture production is being cut.
The company announced that Furnmaster will be sold off entirely or partially as soon as possible. This decision comes despite the continued belief in 'significant opportunities' for profitable growth across all three business areas.
Photo: Dreamstime.
The latest financial report from the group shows that Furnmaster has contributed to reduced revenue due to "costs not being adjusted in line with developments." Additionally, Furnmaster is blamed for a 10% drop in gross margin due to alleged declining sales and fall in productivity.
Source: www.wood-supply.dk