Shortly after store manager Zahra Qandil came to work on Thursday, she was told that the store chain is bankrupt.
Store manager Zahra Qandil at Teknikmagasinet at Byporten in Oslo. Photo: Hans Mortensønn JordheimPublished:
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– It’s very bad news, and it came as a big surprise to the employees, says store manager Zahra Qandil at the Teknikmagasinet store at Byporten.
– Nobody knew this was going to happen until we were called to a meeting this morning. It is the second time since 2020 that we have been told that we are bankrupt. I thought it was going better, but it clearly hasn’t gone well enough, she continues.
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Quandil states that between five and six employees in the store at Byporten are affected by the bankruptcy. Until then, the shop remains open.
– I don’t know what happens next. We will get more information at a meeting later today, says the store manager.
Falling demand
On Thursday morning, the news came that Teknikmagasinet is bankrupt.
– I have just received this case on my desk, but it is true. It concerns 25 stores and 138 employees, says lawyer Nils Holger Koefoed to E24.
He has been appointed as trustee.
The reason is demanding market conditions and falling demand. In the second half of 2023, the chain was characterized by lower visits and turnover than expected, the company writes in a press release, according to the website HandelsWatch.
370 employees are affected
Managing director André Sjåsæt in Release says that the employees have been informed. A total of 370 employees are affected, of which 150 in Norway and 220 in Sweden, writes NTB.
– This is a sad day for all of us, both employees, suppliers, partners, creditors and shareholders. Our focus now is primarily to take care of the employees. We have worked hard to avoid this outcome, but it is unfortunately clear that the weak market development has made the restructuring process we were involved in far more demanding than anticipated, says Sjåsæt in the press release.
Teknikmagasinet’s store at Byporten in Oslo.
Sandefjord mayor on the owner’s side
In 2022, the store chain was acquired by the parent group Release. Among the largest shareholders is Sandefjord mayor Bjørn Ole Gleditsch, who, among other things, is behind the paint brand Jotun.
Release has also requested tenders. The company had a turnover of NOK 14.7 million in 2022.
Teknikmagasinet was founded in 1989 and sells various products within, among other things, mobile accessories, video games, sound and images.
E24 has tried to get in touch with managing director André Sjåsæt in Release, but has so far been unsuccessful.
2024-01-04 09:56:33
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