A Danish children's furniture company has declared bankruptcy after enduring consecutive years of financial strain. The Aarhus-based business, known for its Nordic design and international presence, reported losses of DKK 14.9 million in 2023 and DKK 12.9 million in 2022. Revenue fell sharply from DKK 307 million in 2019 to DKK 204 million last year.
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Established in 1972, Flexa4dreams specialised in children's furniture and operated in over 150 stores worldwide. Despite a strategic turnaround and a leadership change earlier this year, with Line Krogh Pedersen replacing Malene Gammelgaard Nielsen as CEO, the company failed to reverse its decline. At the time, Pedersen stated that 'Flexa is a company that is well positioned for growth,' and committed to maintaining its existing strategy.
The bankruptcy brings to an end Flexa's 53-year history in the furniture sector. Trustee Nicolai Thornemann of Andersen Partners said it is too early to assess the full extent of the company's debts.
The case reflects broader challenges in the Danish furniture industry, which has faced increasing pressure from reduced consumer demand, rising costs, and international competition.
Source: www.wood-supply.dk