A Norwegian kitchen retailer operating in Skien, Norway, has been declared bankrupt by the Nedre Telemark District Court, following a petition filed by the company Designd2inspire AS. The company’s total debt stands at 1.1 million Norwegian kroner, with assets valued at zero, according to court documents.
Roy Tore Knutsen, who had been the owner of the JKE Design franchise in Skien since January 2021, had initially planned to relocate the business to smaller premises after the current location in Nansetgata 95 became available in October 2021 following the departure of a kitchen, bathroom and wardrobe solutions retailer. Knutsen, at the time, cited the high cost of maintaining a 230-square-meter space, with nearly half of it unused, as a key factor in the decision. He also pointed to planned redevelopment of the Nansetgata 95 site, slated for approval in February 2025, which would see the construction of approximately 50 new homes.
However, the relocation never materialized. Designd2inspire AS began accumulating payment defaults in 2023, totaling 130,000 kroner across 26 notices. The company’s financial performance declined sharply. While the first year of operation, 2021, saw a turnover of nearly 3.1 million kroner, high operating costs resulted in a decision to terminate the lease at Nansetgata 95. In 2022, revenues were halved, and by 2023, activity had dwindled to a turnover of just under 200,000 kroner. The 2024 accounts have not yet been filed with the Brønnøysundregistrene, Norway’s official business registry.
According to the court’s decision, the company was operated from Knutsen’s home address in Skien, with a stated intention to find new premises for a physical store. The company’s annual accounts indicated that share capital and equity had been lost by the end of 2021.
Sindre Gjertsen Marqvardsen, an attorney in Skien, has been appointed as the receiver for the bankruptcy proceedings. He will assess whether there is sufficient value in the company’s assets to continue the process or if it should be concluded quickly. The first creditors’ meeting is scheduled for April 9th. Designd2inspire AS employed one person in 2023.
The property at Nansetgata 95, which also housed a retailer called Larvik, experienced a cessation of activity at the end of 2024. According to the website of property management company Pancom, the property currently has vacant space available for short-term lease.