A Danish kitchen manufacturer has announced significant job cuts and showroom closures following heavy financial losses. The Danish company reported a double-digit million deficit in 2024, contributing to a total loss of DKK 251 million over five years and negative equity of DKK 39 million.
© Reform
New CEO of Reform, Anders Dalskov, who took charge in October 2024, is implementing a cost-saving plan focused on shifting the company's culture towards profitability. 'Growth has played a big role in profitability, and that's what we're trying to change now,' he said.
Despite challenges, Reform retains strengths including a strong brand, quality products, and solid sales channels, especially in the USA, which accounts for over half its revenue. Germany and Denmark are the company's next largest markets.
Founded in 2014 by Jeppe Christensen and Michael Andersen, Reform raised €25 million in capital from French fund Experience Capital in 2022. While expecting another loss in 2025, management aims to return to profitability in 2026 without additional capital injections.
Reform's journey reflects the difficulty of balancing growth ambitions with financial sustainability in the competitive kitchen manufacturing sector.
Source: www.wood-supply.dk