A Danish kitchen manufacturer specialising in locally made cabinetry, has filed for bankruptcy for the second time in just three years. The company, which previously marketed itself as "Ikea hacks" before shifting to exclusive Danish joinery solutions, now leaves a debt of approximately DKK 10 million.
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Nine employees of the company, Form Plus, have been sent home while the bankruptcy trustee, Per Astrup Madsen of DLA Piper, explores options to sell the company's remaining assets.
Former owners are owed almost DKK 4 million, and the Danish Export and Investment Fund (EIFO) and various suppliers each have claims of around DKK 3 million. The company's lack of a dedicated warehouse and reliance on third-party production for its kitchens limits the assets available for sale, making recovery for creditors challenging. EIFO holds a corporate mortgage, giving it priority over proceeds from any asset disposal.
The bankruptcy follows a prolonged decline in sales starting in early 2025. Despite negotiations with other industry players, no sale was completed, forcing management to file for bankruptcy. The company's most recent financial results show a net loss of DKK 2.9 million for 2024 and negative equity of DKK 0.4 million.
Form Plus had previously gone bankrupt in 2022, with Michael Valgren holding a 45% stake at the time, later transferring ownership to his wife and in-laws. After several years of losses and declining market demand, the kitchen venture appears to have reached a definitive end.
Source: www.wood-supply.dk
