A Lithuanian E-commerce company including the brand names Furniture1 and Baldai1 has announced that it is purchasing My Home, which is a Danish chain of furniture stores that has been facing financial problems. The sale involved an undisclosed six-figure sum, the Vz.lt business news Website reported on Monday.
My Home was sold by its founder, Jan Hallas, and all 23 of the chain’s brick-and-mortal shops will be closed by the end of May of this year. They will, however, continue to operate online.
“We will continue to deliver on our promises to My Home customers so as to grow the brand,” the Website was told by Pijus Makarevicius, CEO and co-shareholder of Furniture 1. “This, by the way, is one of the reasons why the negotiations were fairly speedy. It was important for the founder to ensure that we will maintain and further develop the brand.”
According to corporate reports filed with the Lithuanian Centre of Registers, Furniture1 had an increase in net profits in 2023 of 11% to EUR 4.1 million, while the net profits of Baldai1 declined by 14% to EUR 16.8 million.
Baldai1 has a presence in more than 20 countries in Europe, while Furniture1 operates in more than 15 of them, according to the Baldai1 Website.
Source: BNS
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