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Found 2 results

  1. Today the Swedish company Teknik Magasinet filed for bankruptcy after failing their reconstruction. It is one of several Swedish companies that have failed recently and many other are struggling at the moment. With tougher competition, changes in peoples buying habits as well as more expensive rent I think we will see more brick and mortar based companies fold in 2020. After a few rough years for Teknik Magasinet and with a reconstruction started in the summer of 2019 they finally gave up the struggle and filed for bankruptcy. The company that started in 1989 have had a tough time adjusting to the new times, just like many other older companies. They did a push for E-commerce and had some success in 2018, but lower number of customers in the physical stores and raising rents did nothing to help the difficult situation. While Teknik Magasinet has filed for bankruptcy on January 15th they have looked into the possibility to have someone else take over the business. So far no one has stepped forward, but there is still hope that TeknikMagasinet will survive in one for or the other. As sad as this is it does not come as a surprise. We see many companies struggle with making ends meet these days. It is easy to blame the death of old companies on the rise of E-commerce, but there is more to it than that. That is a topic for another time however and for now we say goodbye to Teknik Magasinet and thank them and all their employees for the services these last 30 years.
  2. Today the Swedish company Teknik Magasinet filed for bankruptcy after failing their reconstruction. It is one of several Swedish companies that have failed recently and many other are struggling at the moment. With tougher competition, changes in peoples buying habits as well as more expensive rent I think we will see more brick and mortar based companies fold in 2020. After a few rough years for Teknik Magasinet and with a reconstruction started in the summer of 2019 they finally gave up the struggle and filed for bankruptcy. The company that started in 1989 have had a tough time adjusting to the new times, just like many other older companies. They did a push for E-commerce and had some success in 2018, but lower number of customers in the physical stores and raising rents did nothing to help the difficult situation. While Teknik Magasinet has filed for bankruptcy on January 15th they have looked into the possibility to have someone else take over the business. So far no one has stepped forward, but there is still hope that TeknikMagasinet will survive in one for or the other. As sad as this is it does not come as a surprise. We see many companies struggle with making ends meet these days. It is easy to blame the death of old companies on the rise of E-commerce, but there is more to it than that. That is a topic for another time however and for now we say goodbye to Teknik Magasinet and thank them and all their employees for the services these last 30 years. View full blog article
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