[ad_1]
Top-Toy, owner of Toys & # 39; R & # 39; Us Nordic, lost NOK 2.6 billion in the last year. Now, the company confirms that it will proceed with a restructuring.
According to the Danish channel TV 2, the company will close 100 stores in the Nordic countries and in Germany. In addition, customer service positions in Denmark and Hong Kong will be affected by the restructuring.
According to the company, up to 450 employees of the Nordic society are concerned.
"It's very sad to have to say good-bye to talented colleagues, who all fought to make Top-Toy a profitable company," said Per Sigvardsson, CEO of Top-Toy Nordics.
Top-Toys' Norwegian management confirmed to E24 that stores in Norway would be informed at a telephone meeting on Friday morning at 10 am. The office in Norway refers to the Danish management for information on how Norwegian activity is affected.
Overview of the death of a department store: here every fifth store is gone
– The owner will not spit anymore
This is the main acquisition fund EQT, the main owner of Top-Toy, which is now forced to restructure the chain of toys that blew billions of dollars. The fund said Top-Toy's director a year ago and Per Sigvardsson's staff as a new summit, but things did not go as planned.
EQT has saved money in the company since its ownership in 2015, but no longer wants to invest more capital in the Top-Toys reading box, confirming the company to E24.
"The decision was very difficult, but Top-Toy can not be profitable in the current structure," said EQT press contact Kerstin Danasten.
She said the board's decision to proceed with a restructuring was made Wednesday this week.
Today, Top-Toy realizes write-downs of 1.7 billion Danish kroner, or as much as EQT has paid 75% of the shares of the company, writes Berlingske.
The announcement comes a year after the big bankruptcy of Toys' R & # 39; Us in the United States.
E24 has not yet contacted CEO Per Sigvardsson nor CFO Christian K.H. Jakobsen in Top-Toy Nordics.
For subscribers
Chief Economist: The Norwegian business sector does not understand the changes at the origin of the disappearance of a store
Christmas shopping will be crucial
It is not yet certain of the impact of the restructuring on the Norwegian market, but EQT thinks that Norwegian stores will also close.
EQT and the other Top-Toy owners both spent a lot of money putting the toy giant on their legs, which really started to struggle with what they describe as a weak Christmas trade this year.
"This year's Christmas trade will be very important because it will affect the scale of the restructuring of the company," said Danasten Press Contact.
The company is now awaiting the approval of the Danish Post Office Act to begin restructuring.
The acquisition fund will not say how many millions they have spent to put the company back on track.
"I can not go into the details, but it is a lot of money lost," Danasten said.
Isolated operation
Following the bankruptcy of the US chain, Top-Toy in the Nordic region said it would have no impact on its operation because it operates only under license.
"The brand is strong in the Nordic countries and our relationship with American Toys" R "Us is only a licensing agreement, so we feel relatively isolated from this situation," said Søren Torp Laursen, then CEO of Top-Toy.
Now, it seems that the opposite that the American chain has experienced last year has also affected the Nordic toy store.
Source link
