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PEN Concept Group AB ("PEN" or "The Company") announces that the Board of Directors of the Company today decided to cancel the corporate restructuring of the subsidiaries PEN Interiör AB and PEN Products AB and apply for bankruptcy. The bankruptcy decision is based on total loss of sales and is attributable to the effects of the COVID-19 (corona virus) impact on the business.
PEN's subsidiaries PEN Interiör AB and PEN Products AB have, since March 23, 2020, undergone corporate restructuring. The Board has carefully analyzed the future sales opportunities of the subsidiaries and their economic development. The Board considers that there is a total loss of sales for the current fiscal year. Although the companies have taken a number of sales-driven measures during the period as well as cost savings in the context of corporate restructuring, the company can conclude that the measures are not sufficient. Nor has the company been able to obtain any financing to be able to persevere in its subsidiaries. Unfortunately, the Board sees no other way out than to petition the subsidiaries for bankruptcy on April 15, 2020 at Jönköpings- and Växjö district court. Following the bankruptcies of the subsidiaries, the Parent Company will continue to conduct parts of related business operations.
"It is deeply regrettable that the board was forced to make this decision. Especially for our suppliers and partners who are directly affected by this, "says Chairman Robert Wu.