A furniture manufacturer in Denmark has been saved from bankruptcy following the arrival of a new foreign minority co-owner. The move allows production to resume and around 25 employees to return to work this week, according to CEO and current owner Nils Knudsen.
© Magnus Olesen
The Central Jutland-based company, Magnus Olesen, founded in 1937, filed for bankruptcy on 2 September after years of financial difficulties. While its latest accounts showed a small profit of DKK 116,000, the two previous years recorded losses of DKK 2.1 million and DKK 3.8 million respectively.
Knudsen, who has owned Magnus Olesen since 2013, confirmed that efforts to secure new investment had been underway for over a year. Although the identity of the new international partner has not yet been disclosed, the agreement ensures the continuity of operations at the Durup facility, known for producing chairs, tables, and bar stools, with significant exports to Asia.
The rescue comes as a relief for the workforce and preserves a legacy brand in Danish furniture manufacturing. Knudsen expressed optimism about the future, while noting that further details about the co-owner will be revealed in due course.
Source: www.wood-supply.dk
