(Finansavisen.en): In 2016 bought Moods of Norway herrekleskjeden Brandstad, which then consisted of 24 shops. The goal was that the negative development in the Moods of Norway should be inverted by increasing the distribution in the Brandstad-stores, which at the time also struggled with large deficits.
Brandstad had for ten years been the Moods of Norway’s largest engroskunde – and vice versa, writes Finansavisen.
All have been how the story went on: one year ago went Moods of Norway bankruptcy after having lost 77 million in the last three years, partly because of a costly utenlandssatsing.
Sells to the danes
a Few weeks after the bankruptcy bought Moods of Norway-founders Jan Egil Flo and Simen Staalnacke back Moods of Norway from konkursboet for 52,6 million.
Now buying the Danish retailkonsernet PWT Group Brandstad-chain, to increase distribution of its trademarks, according to the newspaper.
We bought Brandstad to increase distribution, as does the PWT Group. Moods Gencobahis of Norway will continue to be sold through Brandstad, which will be our sole distributor. We had not sold if we were not assured of further distribution, ” says Jan Egil Flo, the largest owner of Retail Operation, which owns both the Moods of Norway and Brandstad, according to Finansavisen.
Moods of Norway bought Brandstad of the investment company, the Catalyst for an unknown sum in 2016.
Behind the Catalytic converter are the families of Miller, Schage, and Brought, who had owned Brandstad in only three years.
Pengesluk
Brandstad has gone at a loss since 2013, and the greatest loss of just under 25 million was taken in 2016.
last year the deficit was reduced to 5.2 million, and in year claims Flo that Brandstad in each case is equal to zero on the bottom line, according to Finansavisen.
the Turnover in 2017 was 106 million.
Flo does not want to comment about price, but says it is close to what Moods of Norway even paid for the chain two years ago.
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