Mathem reconstruction

The online grocer Mathem has filed for reconstruction. The hope is to reduce the debt burden of SEK 596 million, writes Dagens industri.

Mathem has been struggling for several years, and the company has now decided to file for reconstruction in order to handle its debts and close warehouses in Gothenburg and Malmö. 300 employees are affected.

"It is tough," says CEO Chris Poad in a press release.

The company is bleeding money. Now CEO Chris Poad is putting the brakes on Mathem. The e-tailer is filing for reconstruction - just months after the owners pumped in SEK 400 million.

Mathem has submitted an application to the district court for a corporate reconstruction. In a press release, the company writes that it is a step in "taking a financial review" of the business and improving the e-tailer's financial position.

The reconstruction means that Mathem is protected from its creditors for three months. During this time, the company will work on a reconstruction plan that will be submitted to the district court for approval.

If the reconstruction plan is approved, Mathem will be able to continue operating. However, the company will have to make significant changes to its business in order to become profitable.