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200 to lose jobs after Norwegian clothing store announces bankruptcy

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200 to lose jobs after Norwegian clothing store announces bankruptcy
Photo: Vidar Ruud / NTB scanpix
17:46 CEST+02:00
Norwegian clothing chain Moods of Norway has announced the closure of its stores across the country.

The company had been struggling for some time, with losses of 30 million kroner (3.2 million euros) before tax in 2016 and continued negative results in 2017.

“It is just incredibly sad that this journey is over. I want to thank all of our staff for the job they have done for us,” Moods founder Simen Staalnacke told Aftenposten.

The company was founded by Staalnacke, Stefan Dahlkvist and Peder Børresen in 2003.

It currently has 18 stores across Norway and 100 staff employed at offices in Stryn and Oslo.

The company also branched into the international market, and has outlets in Los Angeles and New York.

200 staff in total are set to lose their jobs over the company's bankruptcy, Stavanger Aftenblad reported on Wednesday.

“We have worked day and night in an effort to save our beloved Moods of Norway, but have ended with bankruptcy. I never in my life thought that I would experience this,” Staalnacke told news agency NTB.

The bankruptcy affects both the Moods of Norway and Moods Wholesale companies, reports Aftenposten, though the Brandstad, Moods Sverige and Moods USA companies will continue to operate.

Staalnacke told the newspaper that he was uncertain how the future would pan out for the international branches of the company.

READ ALSO: Norway electronics retailer to sell solar panels in stores

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