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Lakkapää files for Finnish reconstruction and Swedish bankruptcy

Builder’s chain Lakkapää with seven builders and home improvement stores in northern Sweden and Finland have big problems.
It has now requested a reconstruction in Finland, while filing for bankruptcy in Sweden to rescue the Finnish operations.

1964 started Esa Lakkapää stores at home in the village.
In 1996, the sons and Juha Jukka over and began an expansion: 2001 Tornio and Lulea, Rovaniemi 2002, 2010 Oulu, 2011 Kiruna and Skelleftea.
Lakkapää Gällivare opened in spring 2012. Skellefteå has already closed.

But then it has been a tough time for the company. The timing of investments in 2011 was not the best. The market slowed down sharply during the second half of 2012 in both Sweden and Finland.

About 30 permanent employees lose jobs at the three Swedish stores. According to the petition submitted to Luleå District Court liquidity has deteriorated during the beginning of 2016. The company currently has arrears of around 33 million to suppliers.

According to the bankruptcy trustee, attorney Hans Andersson, the staff has been aware that the company has had it tough.

“The company had liquidity problems, it has not had sufficient cash to make the necessary orders,” he says and states that the conditions for reconstruction in Sweden to be investigated.

But according to Rakennuslehti, the bankruptcy in Sweden aims to save the Finnish operations where the fix costs has decreased by 7.2 million EUR since 2012..

”The daily operations are efficient and adapted to the market situation. However, a prerequisite for continuity of the operations is that the liabilities of the company is re-evaluated, “says Jukka Lakkapää to the paper.

“It is very unfortunate that the Swedish subsidiary of our company is heading for bankruptcy. We are very sorry for the staff, customers and partners of the damage e’ve caused. The decision does not, however, have an option. Now we focus on securing the continuation of operations in Finland, “says Jukka Lakkapää.

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