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MQ has just over 50 Joy stores in the country. A quarter of them will be closed when the company will save to get started.
The company's share rose over the morning from just under two percent.
" Very boring "
In Sundsvall, one of Joy's stores is beating again.
– We had a good dialogue with the owner and the rent was not a problem, but we had a reduced flow of visits, which means that we want to focus on our store in Birsta. It's a shame we had to do that, says Josefin Larsson, marketing director at Joy, at Sundsvalls Tidning.
READ MORE: The crisis of MQ – even more stores are forced to close
The company's Joy Stores – which, according to their own publicity, aim to "help women in full life" to regain their style of dress, are from Gothenburg, where the company's headquarters are also located.
The measure of closure of a quarter of Joy's stores included the MQ's structural action program aimed at increasing profitability. The program is expected to boost the result by SEK 50 million in the next financial year.
Joy's head office merged with MQ – employees are fired
The savings also include the move of Joy's headquarters to MQ's Gothenburg facility. 25 employees will disappear, the majority of Joy.
The action program will reduce costs in both MQ – MQ and Joy – channels and will contribute to Joy's synergistic effects. One-off structural costs are estimated at SEK 10 million, says the company.
READ MORE: MQ profit warnings – heat hits sales hard
"The use of synergy effects with two well-born fashion chains under one roof means a reduction in the number of employees at Joy's headquarters and MQ, which has about 25 departments, mainly in Joy: Labor negotiations start immediately, "writes MQ in a press release
The closure of the unprofitable Joy stores has already begun, says the company.
MQ's share fell by more than 60% in one year.
The man who will save the company
A key part of MQ's survival program is its new marketing director, Mikael Kruse, who was recruited last fall at Volvo Cars and starts his new job on February 1st.
– For me who was a teenager in the 90's, MQ is a Swedish classic and I consider it an extremely exciting challenge to participate in this important phase of the company's history. One of my main tasks is to help streamline the brand image of MQ and to define more clearly the customer to contact, a prerequisite to also strengthen communication in the future, said Mikael Kruse when was presented by the company.
Qviberg family big owner at MQ
Photo: ANNA-KARIN NILSSON / ANNA-KARIN NILSSON EXPRESS
The family of financier Mats Qviberg is a major owner of MQ. The daughter Anna Qviberg Engebretsen is the third largest shareholder of MQ with just over 2 million shares. Several other members of the Qviberg family are also the main owners of MQ. Eva Qviberg, wife of Mats Qviberg, owns 1.4 million shares of the company. The Öresund investment company, of which the Qviberg family is the main owner, is also the main owner of the clothing company.
READ MORE: Loss for MQ – completely eliminates the dividend
In total, the Qviberg family controls just over 17% of the company's share capital. Robur Fonder is the biggest with almost 10 percent.
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