This week we reported one of Denmark's largest independent furniture retailers has filed for bankruptcy, marking the end of its 60-year history in Brenderup, Fyn. The family-owned business, Bolighuset Werenberg, has been struggling with financial difficulties.
Now it's clear the debts exceed DKK 40 million. Key creditors include Danske Bank, owed DKK 25 million through an overdraft facility, and the tax authorities, with a claim of DKK 5.2 million. Suppliers are owed DKK 2.7 million, while other creditors and a family member's loan total DKK 8.7 million. This was reported by Wood Supply.
Photo: Dreamstime.
The total debt of the company amounts to DKK 41.6 million, while the estate's assets, including inventory valued at DKK 19.5 million and cars and furniture worth DKK 250,000, fall far short of covering these obligations. Danske Bank, which holds a company charge of DKK 10 million, is the first in line for repayments.
Werenberg, founded in 1964, filed for bankruptcy after facing another year of financial losses. Torben Werenberg, who took over in 2005, acknowledged that despite efforts to save the business, it was no longer viable to maintain profitable operations.
Source: www.wood-supply.dk