Asko and Sotka owner files for bankruptcy in Finland
Indoor Group, the owner of Finnish furniture chains Asko and Sotka, has filed for bankruptcy after prolonged financial distress and failed funding negotiations.
The company confirmed on Monday that the bankruptcy application was submitted to the court the same day. Its subsidiary, sofa manufacturer Insofa, filed a separate application at the same time.
Indoor Group said attempts to secure financing through corporate arrangements continued for months.