Thousands of Asko and Sotka customers are now confronting a stark reality: their pre-paid furniture orders may never arrive following the bankruptcy of Indoor Group, the parent company of the Finnish retail chains. Court-appointed administrator Tuomas Penttilä has confirmed that up to 20,000 orders are currently caught in the bankruptcy estate, with most unlikely to reach their buyers.
Penttilä told STT that only a fraction of the products between 1,000 and 2,000 items can be clearly linked to individual customers. These items, marked with a name label, can be collected by the rightful buyer. The rest, however, are at the mercy of the liquidation process.
Indoor Group, which managed Asko and Sotka stores, online platforms, and brands, was declared bankrupt by the Helsinki District Court on 10 February following a period of financial instability. Bankruptcy was initiated after at least one supplier filed a petition due to unpaid debts.
According to Penttilä, the group has approximately 20,000 creditors, including customers, suppliers, and financial institutions. Customers who have paid in advance for furniture are now considered creditors on the same terms as others. Penttilä emphasized that it is too early to predict what portion of claims will be repaid, stating that potential dividends may range anywhere from 5 to 20 per cent.
Those who used credit cards to pay for their orders can seek reimbursement directly from their card issuer. Others must submit claims through the formal bankruptcy proceedings. To assist affected consumers, a dedicated email channel has been established for inquiries.
Stores initially closed on 9 February but reopened this week for clearance sales to liquidate remaining stock. Furniture is being sold at steep discounts, starting at 50 per cent off the original price, with further reductions of up to 90 per cent expected as sales progress. Penttilä remarked, “Ultimately, everything must be sold, even if it means taking a sofa for one hundred euros and a rug for five.”
Most stores are operational, although some required temporary closures to arrange security staff due to concerns about customer tensions. So far, no incidents have been reported.
All Asko and Sotka employees have been dismissed, with notice periods ending next Tuesday. Outstanding wages will be covered through Finland’s wage guarantee system. Penttilä noted that some employees may be offered temporary roles to assist with clearance sales.
The bankruptcy process is expected to take several months to determine the full extent of claims. Distribution of any funds to creditors is unlikely before next year. Penttilä said, “I cannot say whether it will take one year or two before funds can be distributed.”
He also confirmed that discussions are ongoing with potential buyers interested in parts of the business, including warehouse assets and the Asko and Sotka brands. No concrete deals have been finalized.
