Scandinavian fashion chain bankrupt

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Fashion chain Uno Denmark, with 35 stores in the Nordic region, is bankrupt.

The bankruptcy court in Kolding, declared Uno Denmark A / S bankrupt 29 February.

Uno Denmark sells organic clothes for women. There are currently 15 shops in Denmark, 12 in Norway, seven in Sweden and one store in Germany.

The chain was founded 1978, but has only been unprofitable since 2014.

”The deficit is mainly attributable to a general decline in turnover of retail trade and developments in the Norwegian market, where a competitor went bankrupt in 2014 meaning that a large consignment of goods on the market were sold at very low prices, which affected sales of our  products negatively” the company stated after 2014.

 

The company was taken over by the chief executive, Michael Kjærgaard in 2011, after investment firm Kirk & Thorsen. He was the main shareholder, while the investment fund Industry Development became a minority shareholder. The initiatives to strengthen the company, as different organizational changes, closing unprofitable stores and focusing on strengthening Uno Denmark’s own webshop took place during 2015.