Owner of Sotka and Asko: There are no longer any conditions for continuation

Sotkan and Asko’s owner company Indoor Group files for bankruptcy, the company says in its announcement. According to it, the bankruptcy application was filed on Monday.

At the same time, the sofa factory Insofa, which has manufactured Asko furniture in Lahti, has filed for bankruptcy.

The companies say that they actively tried to find a financing solution through various business arrangements. Negotiations were held with several potential partners for a long time, but without success.

Indoor Group also applied for support from its main financiers in order to enter into corporate restructuring, but the necessary funding or support decision was not received.

Consequently, there were no conditions left for the continuation of the furniture stores.

“We have done everything possible to find a viable solution. Unfortunately, there were no more options,” the release states.

January at the end of the year, it was reported that furniture manufacturer Unico Finland filed for bankruptcy against Indoor Group.

Traditional furniture stores have been suffering from a difficult economic situation for a long time. The background is, among other things, the long-standing slump in housing sales, consumer uncertainty and the intensified price competition of furniture brands.