Discount furniture retailer Biva has been saved from bankruptcy as Icelandic investment bank Straumur moves in to buy up the company.
Carsten Normann, chief executive, said that the new owners intend to reduce the number of shops and employees nationwide. Biva currently operates at 57 outlets across the country and employs 350 staff.
The Icelandic buy-out of Odin Equity Partners and Dania Capital’s business came after the Odense-based company filed for bankruptcy on 30 December last year. Straumur will also take on Biva’s commitments to creditors.
Staumur Denmark’s CEO, Oscar Crohn, said they invested in Biva because it is ‘a healthy company with a strong market position, skilled employees and a strong management’.