Masku into reorganization proceedings

Finnish budget furniture retailer Maskun Kalustetalo oy announced it is entering official reorganization proceedings. The company blames the financial situation and substantial rise in property related costs. CEO Toivo Sukari made it clear that personnel cuts are a possibility and tried to assure customers that they will be receiving their orders under any circumstances. The entire concept is now under review. Masku has 53 retail outlets in Finland and a small presence in Sweden and Estonia. Its annual sales have been around 100 million and the company employs over 300 people.