Löytötex Files for Bankruptcy, Lays Off 70+ as Stores Reopen for Liquidation Sale

YLE reports that all eight Löytötex stores were closed on Wednesday and the chain’s online shop has been permanently shut. The retailer has filed for bankruptcy, laid off more than 70 employees and will reopen eight stores — including Tampere — on Thursday for a store-based liquidation sale expected to last at least two weeks. Leo Lagerstam, the lawyer handling the bankruptcy estate, said most employees held permanent positions and that some wage arrears had accumulated since the last payday. He said the estate will apply for a wage guarantee through an accelerated procedure to cover all claims and will ensure employees receive their pay. After the statutory two-week notice period the estate may offer temporary fixed-term contracts if staff are needed during the sale.

Tamperelainen adds that the liquidation sale opening at the Löytötex store in Tampere (Turtola) drew large crowds almost immediately, with customers queuing for hours. One caller, Merja Lounekari, told the paper she had already waited over two hours by around 2:30 p.m., and that the line loops around the store multiple times. Lounekari, who uses a wheelchair, said two checkouts were in use and that she did not see other staff on the floor. Tamperelainen also reports that the chain said only cash would be accepted because card payments were down due to a technical fault at the service provider. Lounekari was quoted complaining about impatience among shoppers, saying: “People are hungry, and I’m about to pee my pants.”

Stores in Kangasala, Jämsä, Orivesi, Virrat, Mänttä-Vilppula, Pälkäne, Sastamala and Tampere will reopen on Thursday during normal hours with the same discounts, and the estate aims to sell off all stock. Lagerstam said the sale will start with large discount percentages but would not comment on how they might change later. The bankruptcy filing lists roughly €6.8 million in debts; that figure will be clarified during the bankruptcy proceedings. Most outlets operated in rented premises that will be returned to landlords after the liquidation period.