Danish electronics firm Fona facing bankruptcy

High street chain in a deep rut after consecutive annual losses

Fona, the Danish electronics chain, has announced it is facing potential bankruptcy, reports Berlingske.

A long price war with competitors has taken its toll, and Fona finds itself in a state of insolvency and unable to pay its creditors.

In an official statement, the company has ensured customers won’t be affected and its stores, including the webshop, will remain open.

Fona is currently looking for a new owner or partner prepared to invest much-needed capital into the chain, which operates 56 stores across Denmark.

Over the last two financial years, Fona has chalked up losses that run into tens of millions of kroner.

Sixty percent of the company is owned by the Kjær family, while the remaining 40 percent belongs to the Norwegian company Elkjøp, which also owns Elgiganten.