HTH Kitchens in Kristiansand and Arendal Declare Bankruptcy
HTH Kristiansand and HTH Arendal, kitchen suppliers located in Southern Norway, have filed for bankruptcy. The decision, made at the Agder District Court on Tuesday, impacts 20 employees and marks part of a broader trend of financial difficulties within the Norwegian construction and supplier industries.
Financial Difficulties and Closure
The stores in Kristiansand and Arendal, which were the only HTH Kitchen locations in the Sørlandet region, ceased operations on Monday. Established in 2023 under the ownership of Trond Aske and Rune Baardsen, the businesses were unable to achieve profitability. “We have not earned enough money, quite simply,” stated Trond Aske, the general manager of both companies, to Fædrelandsvennen.
Impact on Employees and Debt
A total of 20 employees are affected by the bankruptcy, with 15 based in Kristiansand. The companies collectively accumulated a debt of approximately 23 million Norwegian kroner (NOK), according to the trustee, lawyer Asbjørn Breistein of the firm Simonsen Vogt Wiig. E24 reports that Breistein confirmed the number of affected employees.
Recent Financial Performance
Despite an increase in turnover, both HTH Kristiansand and HTH Arendal experienced significant losses. HTH Kristiansand’s revenue rose from over 13 million NOK in 2023 to nearly 24 million NOK in 2024, but incurred a loss of around 9 million NOK. HTH Arendal saw its revenue increase from approximately 13.5 million NOK to around 28.5 million NOK over the same period, but reported a loss of approximately 1.4 million NOK. Both companies had negative equity, with HTH Kristiansand at -9.4 million NOK and HTH Arendal at -1.4 million NOK at the beginning of 2025. proff.no provided the financial data.
Broader Economic Context
The bankruptcy of HTH Kristiansand and HTH Arendal is occurring amidst a wider wave of bankruptcies in the construction and related industries in Norway. Factors contributing to these failures include high interest rates, increased costs, and decreased demand. NRK and E24 have both reported on this trend, noting that other companies, such as HTH Bergen, Norline Design, and several homebuilders, have recently faced similar financial challenges.
Looking Ahead
The trustee is currently managing the bankruptcy proceedings and contacting affected customers and creditors. The situation highlights the ongoing challenges facing businesses in the construction sector and the ripple effects on suppliers.