A Danish kitchen and joinery company, has filed for bankruptcy for the second time since 2022, citing a sharp decline in sales. The company, which specialised in Danish-made joinery and "Ikea hacks," saw all nine employees sent home while a bankruptcy trustee manages the case.
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Michael Valgren, a professional cyclist, owned 45% of the company, Form Plus, until the 2022 bankruptcy; his family later took over its assets. Despite repeated capital injections, declining revenue made operations unsustainable.
Financial highlights from 2024 show a gross profit of DKK 2.1 million but an operating loss of DKK 3.5 million, with equity negative at DKK 0.4 million. The company's shift to high-end kitchen, bathroom, and wardrobe solutions could not offset declining sales. CEO Anne Weinkouff, in position for only two months, confirmed that operations could not continue.
Form Plus' struggles reflect broader challenges in the Danish kitchen and joinery market, where small manufacturers face intense competition and shifting consumer demand.
Source: www.wood-supply.dk
