RTV-Yhtymä Oy files for corporate restructuring in Riihimäki, Finland

RTV-Yhtymä Oy, a company specializing in building and surface materials, has filed for corporate restructuring. According to the insolvency register, the Riihimäki-based firm submitted its application to the Pirkanmaa District Court on September 30. The tax authorities have stated that a financially troubled debtor may seek corporate restructuring. The decision to initiate the restructuring process lies with the court.

In August, the company announced that, as a result of its restructuring negotiations, it would lay off up to 59 employees and substantially alter the working conditions of 60 staff members, while also temporarily suspending its workforce. Additionally, the company decided to close several of its stores. At that time, RTV’s CEO, Mikael Forss, indicated that the poor condition of the construction sector was impacting the company’s business, reflected in the outcomes of the restructuring negotiations.

On Tuesday, Yle was unable to reach Forss for comments regarding the restructuring application. RTV reported an operating loss of approximately €9.5 million last year, a significant decline from the previous year’s operating profit of €0.7 million. The company’s revenue was just under €182 million last year. RTV operates stores in numerous locations across the country and has around 600 employees. Helsingin Sanomat was the first to report on the company’s application.