Swedish Whiskymaker Mackmyra Files For Bankruptcy
Dating its start back to 1999, Mackmyra Whisky has long been considered the leading whisky distiller of Sweden and one of the trailblazers of the modern world whisky movement, which saw whisky-making expand into countries during the 21st century where it had been unknown during the preceding century. According to a post on the company website, the company filed for bankruptcy today in Gävle District Court.
The bankruptcy trustee appointed by the court is Emma Berglund Uväng.
Said Mackmyra chairman Petter Ski, “It is with great sadness that we must state that it is unfortunately not possible to continue the company’s operations. The company management and board have struggled hard to come to terms with the company profitability and cash flow. Despite the fantastic work of both staff and management, it is still not possible to continue. Since I took over as Chairman of the Board just over a year ago, my focus, together with the newly appointed management and the Board, has been to find a long-term solution for Mackmyra, but I am forced to conclude that time has not been enough. I sincerely hope that the bankruptcy trustee now has the chance to do something constructive with the values in the company and secure the Mackmyra brand and its 25-year history.” says Chairman Petter Ski.
The company had apparently been ailing for some time, as Q1 2024 earnings reports showed revenue was down by 13% relative to the same quarter a year ago, but that this represented a narrowing of net loss by some 64%. Which is to say, in Q1 2023, Mackmyra was losing more money despite generating more revenue. Those figures point to the cash flow problems referred to by Ski.
