The companies Music Retail Sweden, Music Retail Norway and Music Retail Denmark, which operate the stores in each country, are bankrupt. In Denmark, this is not news, but it is now clear that the Swedish 4Sound stores will also go bankrupt.
Message on 4sound.se
All companies are owned by MRH Group (Music Retail Holding) in Norway and they also own the Swedish distributor Luthman SMTTS AB, but what exactly will happen is unclear right now.
Peter Felldin, Marketing Manager at MRH, comments:
– There are a large number of companies involved and we are currently looking at whether there is a future somewhere.
Excerpt from allabolag.se
According to a source at Studio, it is mainly the stores that have been hit by financial problems and have not been able to pay their suppliers. And since, according to the same source, the stores are worth less in the event of a sale than the debts are, the bank chose to withdraw the credit and put MRH into bankruptcy.
The whole situation is of course very unfortunate and means that the number of music stores will be even fewer. Since there are large stocks involved in a bankruptcy like this, we can only speculate on what it might look like for manufacturers of music equipment and keep our fingers crossed that other companies will not be involved in the bankruptcy.