Martin Hallund has been appointed as the director of two Svane Køkkenet stores in Aalborg and Hjørring, following their bankruptcy in January. The stores, temporarily transferred to TCM Group, will remain under Hallund's management until a new franchisee is found.
Photo: LinkedIn.
Svane Køkkenet typically operates its stores on a franchise model, and TCM Group does not usually run individual locations.
Hallund, formerly the CEO of Ilva, brings significant retail experience to the role, despite his recent dismissal due to a reckless driving conviction. He is now registered as a director and board member of the North Jutland stores. TCM Group's CEO, Torben Paulin, highlighted Hallund's 'skills in running a retail business' and stated, 'It's a closed chapter,' referring to Hallund's past legal issues.
The stores in Aalborg and Hjørring have been struggling financially, with Aalborg alone reporting a deficit of nearly DKK 4 million in 2023. These financial difficulties stemmed from significant investments made at an inopportune time amid rising inflation and interest rates. The previous owner, Alex Rene Nørgaard, had attempted strategic investments that ultimately contributed to the stores' downfall.
The stores will remain operational under Hallund's management as TCM Group seeks a new franchisee to take over the businesses.
Source: www.wood-supply.dk