It has been an eventful year for Bangerhead. First, an application for bankruptcy, then a granted corporate restructuring and a paused deal with industry colleague Parfym.se. Now, the company is taking action internally by letting Johan Widström step into the role of top executive while work to get the finances in order is underway.
I am acting CEO during the restructuring of Bangerhead. I have been and continue to be the company's CFO with previous experience in restructuring work, says Johan Widström to Ehandel.se.
The previous CEO, Thomas Grabe, however, is not leaving the company. Instead, his time is freed up to work on other parts of the business going forward, which means the company is dividing the responsibility for day-to-day operations and plans for the future.
Thomas Grabe will focus on further business development and digital strategy, says Johan Widström.
Focus on Stabilizing Operations
The primary mission for the new CEO is now to manage the effects of recent events and ensure that ongoing operations function. This happens after the e-retailer has recently made several logistical and technical shifts.
My focus right now is to stabilize and develop the business after a period of major changes – including moving warehouses to a new high-tech partner, as well as a broad digital transformation of our processes, he says.
Financial Review and Paused Deal
The restructuring began after a supplier filed for bankruptcy due to unpaid invoices of SEK 560,000. The company's strained liquidity has been visible in the books.
In 2024, Bangerhead reported a turnover of SEK 453.4 million, compared to SEK 480 million in 2023. The operating result for 2024 landed at minus SEK 9.5 million, a decrease from an operating result of SEK 1.8 million the year before.
At the turn of the year, the company had interest-bearing debts of SEK 21.1 million, and the owners later injected SEK 8 million in capital.
At the same time, the plans for the much-publicized merger with Parfym.se, which was intended to create a group with a combined turnover of over SEK 700 million, are on hold.
Parfym.se is now waiting to see how Bangerhead manages its corporate restructuring.