Seng Announces Closure of All Swedish Stores Amid Economic Challenges
Seng will close all its 19 stores in Sweden due to high inflation and low consumer confidence.
Key Points
- • Seng is closing all of its 19 stores in Sweden.
- • CEO cited economic challenges as the primary reason for the closure.
- • Approximately 90 employees will be affected.
- • Seng will also terminate Danish online operations, but keep physical stores open.
Seng, the retail chain formed from the merger of Swedish Sängjätten and Danish Sengespecialisten, has decided to close all of its 19 stores in Sweden. This move is attributed to several economic difficulties facing the company, including high inflation, low consumer confidence, and a weakened Swedish krona, as explained by CEO Hanne Bang Vorre in a recent press release. The closures will directly affect approximately 90 employees, who will face job losses as the stores shut down.
In addition to the store closures in Sweden, Seng plans to shut down its online operations in Denmark while maintaining its 30 physical stores in the country. This decision highlights the broader struggles within the retail sector amid changing economic conditions. Since its formation four years ago, Seng has sought to navigate the competitive mattress and bed market, but these recent challenges have compelled it to scale back operations significantly. Seng operates under the Lars Larsen Group, the same parent company that manages Jysk.