Almost 50-year-old Finnish family business seeks bankruptcy
A nearly 50-year-old family-run clinic in Finland, Sairaala Siluetti, specializing in plastic surgery and aesthetic treatments, has filed for bankruptcy due to declining revenues and sustained losses.
Sairaala Siluetti, a nearly 50-year-old family business specializing in plastic surgery and aesthetic treatments, has initiated bankruptcy proceedings in Helsinki's district court. The clinic has faced financial difficulties, as evidenced by its decreasing revenues over recent years. In 2021, the clinic reported a revenue of 1.5 million euros, which fell to 1.2 million euros by 2024, alongside a staggering operating loss of 356,000 euros for that year.
The clinic's struggles are not just a result of shifting market demands, but also stem from competition and possibly changes in ownership structure. Earlier this year, the clinic announced changes in ownership, transitioning to new owners KC Finance and Plastium, and collaborating with KC Clinic based in Tampere. This change in ownership involved the transfer of control from founder Matti Pakkanen to his son, Ti Pakkanen, indicating a potential generational shift within the company, though it did not succeed in turning around the clinic's fortunes in a challenging economic climate.
This bankruptcy filing highlights broader challenges facing small businesses within the healthcare sector in Finland, particularly in the aesthetic services market. As consumer demand fluctuates and competition intensifies, family-owned practices like Sairaala Siluetti may struggle to adapt, raising questions about the sustainability of similar clinics across the countryโa sector increasingly reliant on innovative practices, marketing, and patient retention to survive.