Feb 21 • 06:02 UTC 🇫🇮 Finland Yle Uutiset

Suppliers Watched from the Sidelines as Indoor Group Slid Towards Ruin - Yle Investigated What Happened Before That

The Indoor Group, owner of Asko and Sotka, declared bankruptcy in early February, surprising many despite warning signs leading up to the failure.

In early February, the Indoor Group, the parent company of the furniture brands Asko and Sotka, faced bankruptcy, a turn of events that caught many by surprise despite earlier warning signs. The company's supply chain was notably strained as products were ordered from suppliers while simultaneously failing to meet payment obligations. This dichotomy illustrated the precarious position of Indoor Group and highlighted the mismanagement that led to its financial downfall.

The final blow to the struggling furniture chain was reportedly dealt by its financier, Nordea, reflecting the challenging relationships that often exist between companies and their creditors. Leadership and ownership of Indoor Group attempted to negotiate a sale to new owners up until January, hoping to salvage the company. However, their efforts came too late as the financial situation deteriorated rapidly, exacerbated by a lack of communication and transparency within the company.

Yle conducted its investigation using public sources as well as interviews with representatives from companies that supplied goods to the furniture factory owned by Indoor Group, as well as former employees of the firms that went bankrupt. These interviews revealed the gravity of the situation faced by Indoor Group prior to its collapse, laying bare the internal struggles and external pressures that characterized its final months. To protect the identities of those involved and their professional relationships in the furniture sector, Yle has opted to publish findings anonymously.

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