Abed Al-Saffar was only 27 years old when he took over as CEO of Ur & Penn in the autumn of 2014. Before that, he had worked in several different positions within the company since his teens.
According to documents from the Swedish Companies Registration Office, his departure was registered on March 19, but according to information, he had left the position already a month earlier. Now it is clear that he will remain within his father, Ayad Al-Saffar's, business sphere and move to Åhléns City where he will become the new department store manager.
This therefore represents a new leadership position for the retail chain's flagship department store in central Stockholm.
Loss and Tax Deferral
The watch chain invests in both physical retail and e-commerce through its two e-commerce sites, one in Sweden and one in Finland.
According to the latest available figures for the financial year ended April 2025, the company continues to operate at a loss, despite a slight improvement compared to the previous year.
Turnover amounted to SEK 422.5 million, an increase of 1.5 percent. At the same time, operating profit decreased by 55.9 percent, to SEK -8.8 million. The company was affected by reduced traffic in the stores and a system change that caused problems in the supply of goods.
In addition to the financial results, the company also has remaining temporary tax deferrals with the Swedish Tax Agency. As of the beginning of March 2026, the deferred amount was SEK 22.4 million.