The management of PM Retail has lost money in the past three years and has now gone bankrupt. The company had a total deficit of 73 million over the past three years, DN reports.
"We have just completed a complete revitalization of our products, we have developed a new and modern store concept and we are in the final phase of opening our online store, but we must recognize that the market challenges have been too great and that we have have not been able to turn things around fast enough, "says CEO Marianne Bjarstad in PM Retail in a press release.
In addition, during the announcement PM Retail has experienced pressure on income and profitability over a longer period. The new management team of the company has worked hard over the past year to restructure its activities. The acquisition fund, the FSN capital, became the property side in 2012.
"It has worked hard with different solutions in the company, in the board, on the bank and with us as owners, and both the owners and the lenders have contributed new capital in recent rounds in different rounds, but unfortunately we now find that we do not goal, "said Eskil Koffeld on behalf of FSN Capital Partners, Investment Advisor at FSN Capital III, according to the newspaper.