Denmark saw record number of bankruptcies in Nov

by IANS |

Copenhagen, Dec 6 (IANS) A total of 331 companies filed for bankruptcy in Denmark in November, the highest number in 13 years, according to a new report.

SMVdanmark, which represents 18,000 small and medium-sized enterprises in the country, said in the report published on Monday that since the summer "businesses have been hit hard by high inflation, soaring energy bills and, not least, fears about the future of the economy, which have sent consumers' appetite for buying into a tailspin", reports Xinhua news agency.

Many businesses were already struggling financially due to high energy costs and backlogs from the Covid-19 pandemic, the report adds.

"Never in the history of statistics have we seen so many bankruptcies among businesses with employees. This means that the crisis is hitting real businesses with turnover and employees," said Lasse Lundqvist, a consultant at SMVdanmark.

Although bankruptcies are affecting all types of Danish businesses, the construction and retail industries have been particularly hard hit.

More than half of the bankruptcies in November were in the construction sector.

"Unfortunately we will see even more bankruptcies in the coming months," said Lundqvist.

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