PEN cancels company restructuring and are filing for bankruptcy.

PEN Concept Group AB (”PEN” or  ”the Company”) announces that the Board today decided to cancel the company restructuring for PEN and are filing for bankruptcy.

The bankruptcy decision is based on total loss of sales and is attributable to the effects of the impact of COVID-19 (Corona virus) in the business.

Corporate restructuring was initiated for PEN Concept Group AB March 23 2020,  The board has carefully analyzed the Company and the Group´s future sales opportunities and the economic development. The Board considers that there is a total loss of sales for the current fiscal year. Despite the fact that the company has taken a number of sales-driven measures and cost-savings within the framework of corporate restructuring, the company finds that the measures are not sufficient. The company has not succeeded to obtain financing to survive the Company. The board sees no other way out than to submit an application for bankruptcy.

For any inquiry regarding this press release, kindly contact:

Robert Wu, Chairman of the board, PEN Concept Group AB

E-mail: robert.wu@oboya.se

Telephone +46 (0)735-630 935

Magnus Hjorth, CEO, PEN Concept Group AB

E-mail: magnus.hjorth@pen.se 
Phone: +46 706 335 106

This information is insider information that PEN Concept Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication trough the agency of the contact person set out above, on April 30, 2020

PEN Concept Group in brief
PEN Concept Group AB, headquartered in Jönköping, Sweden, is a turnkey supplier of interior products and solutions for exhibitions, events, restaurants and showrooms. The group coordinates all required resources to offer customers both standard and customized interior solutions, including large scale productions.