Less than a month after analysts predicted the economy had seen the last of the big bankruptcies due to the current recession, the nation’s largest building firm, Pihl & Søn, has announced it will cease operations.
As many as 1,000 employees could lose their jobs. The firm had been responsible for some of the country’s most recognisable structures, and was leading renovation of Copenhagen’s Nørreport Station.
The company’s board said a rapid expansion abroad that saw it enter into low-profit, high risk contracts, proved fatal.
Banedanmark, the national railway infrastructure firm, said it expected construction at Nørreport Station to be completed as planned. Other projects Phil was involved in could experience significant delays and additional costs.
