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Collapsed Swedish home electronic giant Onoff has debts of Skr800 million



  

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Tuesday, 12 July 2011
The Swedish home electronic giant that collapsed yesterday, Onoff is reported to have a debt of Skr800million.
On the annual report Onoff attached to his bankruptcy filling, the company indicates that the combination of both last year's losses and debts amassed by the company are pretty great. Only the short-term debt amounted to Skr802 million, according to reports in Swedish media.

The store chain last year made a loss after financial items of Skr 152 million. The year before the loss was Skr44 million. Sales fell from Skr3.086 to Skr2.847 million.


Current liabilities amounted to Skr 802 million, of which Skr 640 million was payable.
It may be related to the total assets of Skr947 million, of which inventories accounted for Skr559 million. Equity ratio, which reflects the long-term ability to pay, was only 15 percent. The checkout at the end of 2010 was Skr56 million.

The press release sent out on Monday from the law firm in charge of the bankruptcy proceedings, pointed that there is already lots of interested buyers for all or part of the chain.

"Until we reached an agreement for the sale, price cuts in stores of 25 percent discount on the full range of all the Swedish stores with continue," he writes.

Danske Bank, which is the largest single creditor in the bankruptcy, has a claim on some 37 million, according to bankruptcy information. The Bank's press officer Carlos Cancino said on Monday that the bank is "very optimistic" about getting back all the money.
By Scancomark.se Team

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Quick Facts about ONOFF
  • 1971 Onoff founder Hans Westin began selling stereo products on a small scale.
  • 1973  the  business Tele Call was started from a rented room in �kersberga north of Stockholm.
  • 1976 the first real ONOFF store was opened in �kersberga.
  • 1982 Onoff was created. The number of shops were seven and sales SEK 95 million.
  • In the 1980s, Onoff launched the superstore concept in consumer electronics.
  • 1989 the range expanded with data and telephony products and other chains were purchased.
  • In the 1990s, Onoff bought more chains and established in Estonia.
  • 2001 it opened three stores in Helsinki, Finland.
  • 2005, the Group's net sales were approximately SEK 3.9 billion.
  • On July 11, 2011 Onoff - with 67 stores in Sweden, six in Estonia and one in Finland - filed for bankruptcy.

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