Plantasjen files for restructuring for selected legal entities in Sweden, Norway and Finland
Regulatory Information 2024-08-22
Plantasjen, a Ratos subsidiary, is announcing that Plantasjen Norge AS, Plantagen Sverige AB and Plantagen Finland Oy are filing for restructuring proceedings. These entities contain the store network, including lease agreements, and certain central functions in Sweden, Norway, and Finland. These steps are necessary to transform Plantasjen into a long-term financially viable business. No other companies of the Plantasjen group are subject to restructuring proceedings, consequently Plantasjen’s sourcing and logistics companies will continue operations as before.
The primary objectives of the restructuring are downsizing the store network, optimizing lease contracts, and rightsizing the organization.
“The actions presented today are necessary to transform Plantasjen into a financially viable business going forward and are deemed to be in the interest of the company and its stakeholders. The restructuring is intended to secure long-term and stable profitability on the bottom line,” says Jonas Wiström, President and CEO, Ratos.
Despite significant cost reduction programs, it has not been possible for Plantasjen to reach profitability in a high inflation environment impacting both cost levels and consumer purchasing power.
The ambition is for Plantasjen to secure a strong store network, which can continue to serve customers and build on its position as the preferred garden center in the Nordic region. All stores will remain open until further notice.
Applications for restructuring of Plantasjen Norge AS, Plantagen Sverige AB and Plantagen Finland Oy will be filed today.
For more information, please contact:
Josefine Uppling, VP Communication, Ratos
+46 76 114 54 21
josefine.uppling@ratos.com
