The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Household Equipment In Specialised Stores 47.54 - Retail sale of electrical household appliances in specialised stores
817 jobs Number of planned job losses
Announcement Date
18 September 2012
Employment effect (start)
18 September 2012
Foreseen end date
Description
The Norweigan-owned home electronics retailer Expert Sverige will close down its business in Sweden and dismiss all of its 817 employees.
The company filed for bankruptcy and announced its decision to immediately close down its 73 shops around Sweden.
The legal entities directly affected are Expert Sverige AB, Expert Sverige Holding AB, Expert Stormarknad Sverige AB, Esv Partner AB, Glenmarks Foto AB and Dalarna Multimedia AB. Even though not included in the company's application, the 63 franchised shops will be affected indirectly.
Expert Sweden AB is a part of the Nordic group Expert AS which has a total of 1,000 stores in Norway, Sweden, Denmark, Finland and Estonia. According to the company's board, the decision to file for bankruptcy and leave Sweden is a result of the tough competition in the electronics retail sector which has led to many retailers not making any profit due to the "price wars".
Sources
18 September 2012: www.svd.se
Citation
Eurofound (2012), Expert Sverige, Bankruptcy in Sweden, factsheet number 74135, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74135.
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