CURA of Sweden files for bankruptcy

Following a corporate reorganisation process that concluded in 2024, CURA of Sweden filed for bankruptcy on Friday. The decision affects approximately 12 employees.

Founded in 2017, CURA of Sweden introduced weighted duvets widely in Sweden and the Nordics. With the growing interest in sleep health, the company expanded rapidly, becoming a leader in its category. In 2021, it expanded internationally, employing sales representatives in Norway, Finland, Denmark, the Netherlands, and Germany.

However, competition in the market gradually increased, leading to price pressures that negatively impacted the company. The international expansion also proved costly due to higher fixed expenses. The expansion during the pandemic posed additional challenges, as the company’s strategy at the time relied on physical retailers. In 2022, the company began restructuring towards a direct-to-consumer model via its own website and Amazon. However, this was insufficient, and in May 2023, the company was forced to apply for a corporate reorganisation process.

During the reorganisation process, the company continued to cut costs, and its owner provided an additional SEK 14 million in funding. The restructured debts were to be paid off during 2024 and early 2025. The company managed to meet all payment obligations last year. However, after the restructuring concluded in spring 2024, a new CEO and management team determined that the cost savings would not suffice. As a result, major measures were taken, such as closing warehouses in Germany and Norway and winding down operations in Finland and Norway to create a sustainable business model.

“It is, of course, deeply regrettable to have to deliver this news,” says CURA of Sweden’s CEO, Magnus Pettersson. “Over the past eight months, my team and I have worked incredibly hard to bring the company back to stability, but unfortunately, we have not been able to secure financing for both operations and the upcoming debt payments. Therefore, we have no choice but to file for bankruptcy.”

Magnus Pettersson declined to speculate on the company’s future but expressed hope that CURA of Sweden holds value that could attract the right buyer.

“For the employees’ sake, I truly hope and believe the company has a future. The measures we’ve implemented have resulted in our e-commerce operations being EBIT-positive in both November and December.”

The Stockholm District Court will soon appoint a bankruptcy trustee to manage the case. The company has proposed Emma Berglund Uväng from the law firm Schjødt for the role.

For further information:

Emma Berglund Uväng, Bankruptcy Administrator

Direct dial: +46 8 505 501 22

Mobile: +46 707 97 09 33

emma.berglund@schjodt.com

Magnus Pettersson, CEO

Mobile: +46 70-146 39 48

magnus.pettersson@curaofsweden.com

Jonas Meerits, Board Member

Mobile: +46 070-222 63 50

jonas.meerits@curaofsweden.com