Wednesday, June 20, 2018
The traditional Norwegian hifi manufacturer Electrocompaniet is bankrupt.
It shows an announcement from the Brønnøysund Register.
Electrocompany’s daily chairman Mikal Dreggevik is busy meeting most of the day, but sends the following message to the online newspaper Tek.no via a colleague.
“We can confirm that the company has declared bankruptcy, but we are working on a solution and hope to have it done in a short period of time.
He currently has no opportunity to say anything about the background to bankruptcy.
The latest available accounts for the Electrocompany are from 2016, showing a turnover of just over NOK 24 million and a loss after tax of 2.3 million.
The year before, the Electrocompany sold more than 32 million, with a loss after tax of just over 7 million. We must return to 2013 to find a profit in the accounts.
Spaceworld Soundgarden also went bankrupt recently, so there are clearly lean times in the Norwegian hifi industry.
On the Michael Jackson cover
The electrocompany has a long history. The company was founded in 1973 and went bankrupt for the first time in 2004. They were then acquired by WestControl Electronics in 2007, the production moved to Tau in Rogaland.
The company is perhaps best known for the Michael Jackson History and Invincible albums being produced with Electrocompaniet amplifiers, and both had “Special thanks to Electrocompaniet” on the cover.
From amplifiers to multirom
In 2011, the company expanded its portfolio with a product range called ECLiving, consisting of wireless multi-volume speakers with nice design and good sound.
To Tek.no enlightened CEO Mikal Dreggevik before CES in January this year that they were ready to give more gas, was in final negotiations with “several of the big selling players both nationally and internationally” and that we in 2018 came to to hear much more from them.
In Norway, the EC Living series has generally only been available at Komplett and Spaceworld Soundgarden, which is now also bankrupt. (Komplett is not bankrupt and lives in the best possible way).