Companies|With a turnover of over 180 million euros last year, RTV is one of Finland’s largest privately owned specialty stores.
Construction industry difficulties have driven the traditional seller of paint and surface material products, RTV-Yhtymä, into corporate restructuring.
RTV is one of the largest privately owned specialty stores in Finland.
The company submitted a restructuring application to the district court of Pirkanmaa on Monday.
Renovation application preceded by great economic difficulties. The company recently announced that it would lay off a maximum of 59 employees and substantially change the employment conditions of 60 employees.
At the same time, RTV said that it would lay off its entire staff for a maximum of 90 days and close the stores in Kangasala, Laihia, Lappeenranta, Orimattila and Valkeakoski.
RTV Group made a turnover of over 180 million euros last year. At the same time, the company made losses of almost 9 million euros. The company employed 785 people last year.
The company benefited, like other specialized shops in the construction industry, from the boom in pickpocketing started by the coronavirus pandemic. In 2020, the company made a profit of about 4.3 million euros with a turnover of 165.5 million euros. The company still made a profit in 2022, but last year the result turned ugly into a loss.
Last year was exceptionally dark in the construction industry. The rise in interest rates halted construction activity and more bankruptcies were filed in the construction sector in Finland than at any time since 2003. More than half of the bankruptcies in the construction industry fell on the house building side.
At the beginning of the year, the construction industry saw more bankruptcies than last year, but during the summer, the pace of filing for bankruptcy has calmed down a bit compared to last year.
RTV’s background extends to post-war Riihimäki. In 1951 Karl Gustav Lindblom together with his business partner bought a paint store called Riihimäki Tapetti ja Väri. In the early 1970s, the name was changed to RTV-Yhtymä. In 1994, the company came under the ownership of the Lindblom family.
The news is updated.
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