Estonia, Markets and Companies, Woodwork
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Thursday, 20.08.2026, 08:21
Estonian furniture producer Thulema applies for bankruptcy
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The company’s board has informed employees, contract partners and creditors of the step. Currently it aims to fulfil the unfinished orders.
Shareholders financed Thulema’s activities with loans and guarantees to improve the situation. Although investments, cutting permanent costs and bringing share capital in line with business code improved Thulema’s results as compared to the same time in 2009, the company’s business is connected to the falling construction market and the progress is not enough to cope with difficulties.
Shareholders hope though that the Thulema brand will survive and find new investors.
Thulema belongs to Puustelli Group OY (29%), BenSov OÜ (18), OÜ Triomentor (35) and OÜ Revalbonus (18). The three latter acquired a stake in the company in December 2009.
The company’s obligations as of April 30 stood at 40.2 and assets amounted to 38.9 mln kroons.
Thulema’s turnover in 2009 was 52.3 mln kroons, in 2008, 96.2 mln.
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